In their broadly supported effort to protect our islands from overdevelopment, the Land Bank Commission has not contributed nearly enough to the Stewardship Fund to meet its sunset obligation.

“A reserve within the Conservation Area Fund shall be established within one year to provide funding for the maintenance of acquired real property interest in perpetuity. It is the objective of this reserve that the interest earned will fund all care and maintenance expenses upon the expiration of the REET” — Land Bank Ordinance.

Unless we’re prepared to accept that the stewardship fund will not serve “in perpetuity” as intended, we don’t even have the option of not extending some portion of the 1 percent REET before 2014. So how can we prevent an even larger burden from being handed off to the county and its taxpayers in 2026?

The first step is to stop bonding against future revenue. In anticipation of the extension, the Land Bank commission is studying new bonding scenarios. If Proposition 1 passes, they’ll be free to re-amortize the remaining payments on Turtleback and bond against future receipts all the way to the next sunset.

Voting “No” on Proposition 1 will postpone reauthorization for a couple of years so at least Turtleback will be paid for as intended. The message will also be sent that an actual sunset of the 1 percent REET must be prepared for in earnest.

The County Council is ultimately responsible for insuring the long term viability of the stewardship fund and should be encouraged by all of us to exercise greater oversight. We can vote to reauthorize the Land Bank’s funding in 2013 or 2014 once a properly adjusted course has been set.

Vote “No” this year to secure our Land Bank for future generations.

Jim Higgins

San Juan Island