ext month voters will have the opportunity to vote on numerous state and local ballot measures involving bonds. We urge a “no” vote on each and every one of them.

California and too many of our counties and cities have relied for far too long on debt financing. Gov. Arnold Schwarzenegger and his predecessors have depended upon bonds to finance budget shortfalls and dubious projects that may be obsolete by the time our grandchildren pay them off. Interest on bonds has been an ever-growing proportion of the state’s budget obligations. But, this time, with housing values flagging and property tax revenues plummeting, state government may finally be out of tricks.

Even now, state Treasurer Bill Lockyer is planning a $7 billion bond offering, which is unlikely to succeed in light of frozen credit markets. The state has enough cash reserves to make it to Oct. 28. After that, it may have to beg the federal government for a $7 billion loan just to meet payroll.

State propositions on the state ballot include a $9.95 billion bond for a high-speed rail system, which will saddle state taxpayers with annual interest payments of about $650 for 30 years. They also include a $980 million bond for capital projects at certain children’s hospitals, $5 billion in bonds for alternative fuels and renewable energy programs and $900 million in bonds to finance veterans’ purchases of farms and homes.

We have nothing against high-speed trains, children’s hospitals, alternative energy projects or homes for vets. But we do know that the state has already run up enough of a tab and cannot afford to finance any of these things.

Our state, counties and school districts have no more right to play high finance with other peoples’ money than a pauper does to play the stock market on margin.

Make sure our free-wheeling, but empty-pocketed leaders understand that on Nov. 8.