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Tuesday, October 30, 2012

Something borrowed, something green

Here's an interesting story from Willy Week: The campaign to start a library taxing district in Multnomah County just borrowed $300,000 from a wealthy donor to add to the more than $1 million it has already spent. The election on the ballot measure establishing the district is well under way; many people have already voted, and it will all be over a week from tonight.

Last-minute loans to political campaigns always puzzle us. If the backers of the library district can't raise money in the heat of the election battle, are they really going to be do it when the race is over and the results are known? Will this $300,000 really be paid back, with 3.5% interest? Like most people, we stop paying attention to campaign finance the day after the election. Maybe we should keep watching this time to see how things really work. Readers with experience along these lines, please help us out.

Comments (2)

That does seem puzzling, I don't understand where they plan on getting the money to pay him back. Maybe the plan is that he can write it off as bad-debt since it is unlikely that they will be able to pay it back.

Yes, I think it's a matter of how it's written off. If I understand correctly, only a certain amount can be written off each year. I agree though, it would be great if somebody with experience could provide some insight into how this works.

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