Eyman, still owing money from last initiative, borrows more…

Initiative promoter Tim Eyman, who says he still owes $175,000 on a second mortgage he took out on his home to pay for last fall’s unsuccessful Initiative 985, is borrowing more.

In an email to supporters, Eyman says he’s borrowing another $50k against his home’s value to launch his latest ballot measure, which would cap growth in most state and local taxes at the rate of inflation.

The new money will pay for a fundraising letter and for the legal work drafting the measure.