Voters in California are being asked to approve a $5 billion bond measure that is designed to help spur the growth of alternative fuels in the state.
This story in the Sacramenta Bee outlines some key points in Proposition 10:
WHAT IT WOULD DO
• Authorizes $5 billion in bonds, about $2.9 billion of which would go toward rebates of $2,000 to $50,000 for buyers of alternatively fueled or highly fuel-efficient (at least 45 miles per gallon, highway) vehicles, such as the hybrid Toyota Prius. The largest subsidies would go toward purchase of commercial vehicles and buses powered exclusively by “clean alternative fuels,” effectively, natural gas.
• Authorizes $2.1 billion for research, development and training for companies, local governments and colleges for renewable and alternative energy projects.
• Requires the money to be spent within 10 years, with no more than 1 percent for administering the program.
Proponents, such as billionaire oilman T. Boone Pickens, say the measure will reduce dependence on foreign oil, clean the air and create thousands of clean-energy technology jobs. Opponents argue the bonds will outlive the natural gas-fueled vehicles they are planned to promote.
You can read the text of the proposal here from the California Secretary of State’s office… and make up your own mind.