By: Tim Leslie, Guest Columnist

Debt - it has become as constant in our lives as death and taxes. When used without discretion, debt can become an oppressive force that dictates every facet of our lives. However, for the prudent planner, debt can be an asset used to leverage future financial successes and economic freedom.

Over 40 years ago, the county board of supervisors approved tax-free revenue bonds in order to finance the construction of water and electricity facilities along the Middle Fork of the American River. Since then, these debts have been dutifully paid down, and in 2013 will be paid off completely without any taxpayer expense.

When this happens, all revenues generated from the projects will revert back to Placer County and Placer County Water Agency (PCWA). The Federal Energy Regulatory commission will then issue new licenses for the projects.

This past January the board and PCWA agreed to form the Middle Fork Project Finance Authority and charged the authority with responsibility over the revenues generated by the paid off facilities. With a conservative estimate of annual revenues in excess of $15 million, and the probability that they will actually be much higher, this is no small charge.

In order to ensure that this charge is carried out in a manner that aptly addresses the needs of Placer residents, Supervisor Bruce Kranz has been sharing his vision for the use of this new revenue.

Simply put, Kranz's ideas make sense. We must ensure that the water and electricity needs of the county are met. This means paying off project debt until 2013, bonding the $20 million cost of federal relicensing, and making necessary capitol improvements. The challenge we face is what to do with the share of revenues the board of supervisors has authority over.

Currently, there are absolutely no restrictions as to how the board can spend money.

For this reason, I join Kranz in proposing a guarantee that these revenues be spent on water and energy infrastructure related projects and water quality projects.

For instance, investment of these revenues can be put into storage, lining open canals, new pipe and pump construction, remediation of wildfire devastated watersheds, investment in solar, biomass and wind energy projects. This will result in positive and long lasting benefits to the communities across the country.

It is important to remember that these revenues are coming to Placer as the result of a vote to invest in the Middle Fork as a water and energy project. I believe that the revenues derived from that investment should be used in a manner that honors that vote. If we follow Kranz's plan, the people will be well served into the future. If we do not, these funds will be frittered away in a special interest frenzy.

Already, this idea is gaining traction with resolutions of support received from the Special Districts Association, the City of Colfax and Foresthill Public Utility District.

We owe it to the supervisors who so wisely invested our hard-earned money to ensure that we establish these guiding principles to guarantee we spend these revenues for their intended purpose.

Tim Leslie is a state assemblyman for District 4. He represents portions of Placer County.