Monday, June 04, 2012
VOTE NO on Prop Y (Includes Interview with MSD Spokesperson)
On Tuesday, June 6, voters be asked to approve another $945 million in BONDs for the St. Louis Metropolitan Sewer District, which is essentially approving nearly $1.9 BILLION in spending because the interest payments are costly. For every $1 MSD borrows, there is $1 interest payment over the term of the loan. (Hear the MSD spokesperson explain.)
Voters are probably getting tons of mail telling them how high the MSD bills will be if Prop. Y fails.
Yet, Voting NO on Prop. Y means huge savings in the long run because it starts financing the entire $4.7 Billion EPA settlement now, and we do not have make interest payments.
Voting NO on Prop. Y means saving at least $945 million because if the bonds approved for in Prop Y equal $945 million that mean $945 in interest (a total of ~1.8 BILLION in spending)!
Voting NO means your rates stay in the mid-$60s, but with the bonds your rate goes into the $80s by late 2010s/early 2020 --and that doesn't even include the rest of $4 BILLION EPA require improvements!
This is not complicated: the rates are going up. You either will pay double because of interest, or you can vote NO, and pay for "it" once.
What can you do?
Vote NO on Tuesday.
Share an image or post from the the "Prop Y. - Vote NO" FB Page.
Here's a helpful graph by rebootcongress.blogspot.com. Red line is with bonds; blue line is VOTE NO on Prop. Y.