Approving Proposition 4 would authorize $10 billion in debt to spend on environmental and climate projects, with the biggest chunk, $1.9 billion, for drinking water improvements. The bond prioritizes lower-income communities, and those most vulnerable to climate change, and requires annual audits. Repaying the money could cost $400 million a year over 40 years, a legislative analysis said, meaning taxpayers could spend $16 billion.

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