Flood Control Bonds, Flood Control Bonds, and more Flood Control Bonds

October 21, 2008 by Derek Minnema | Comments: (0)

Voters may remember Proposition 1E from last year . . . it authorized the State of California to sell $4.1 billion in general obligation bonds for flood control projects up and down the state.

Well it passed. And at least Sacramento is getting a good portion of that money.

The amazingly late State budget (passed on Sept. 23rd, due on June 15th) included appropriations from Prop 1E bond funds for flood control projects within Sacramento including: $1.6 million for South Sacramento Streams, $5 million for Folsom Dam Modifications, and $8.7 million for the American River.

On top of that, SAFCA (Sacramento Area Flood Control Agency) successfully sold $85 million in bonds on October 9th to continue advancing the numerous Capitol Improvement Projects that we are undertaking (yes, Natomas Levee Improvements is a big one).

With the stock market in shambles it’s a great time to buy bonds as a short term investment. California appears to keep selling them . . despite the $15 billion dollar operating deficit we’re currently in. hahaha.