A dozen water storage projects in California are now officially in the running for a share of $2.7 billion in state bond funds. But experts are cautioning that taxpayers shouldn’t get their hopes up that these projects will solve chronic water shortages in the state. The money comes from Proposition 1, a bond measure approved by state voters in 2014. The initiative allows bond money to be used only for the “public benefits” that come from new water storage projects, such as enhancing flows for fish habitat and improving flood control.