I understand what you're saying, however it's tax revenue from the sale of one item specifically allocated. That's the difference from income/sales/property taxes. The first $40 million of tax revenue goes to a public school construction fund and then the remaining money was to be decided on with the ballot issue. If the money went into the pool of all other taxes then yes I would agree with you, but since this is completely separate then it's a different issue.
Think of how stupid the average person is, and realize half of them are stupider than that - George Carlin