California GOP Pushes Tax-Backed Bonds to Help Close Gap

Finestone, Deborah
May 2003
Bond Buyer;5/1/2003, Vol. 344 Issue 31626, p3
Trade Publication
California Assembly Republicans have presented a spending plan that many hope will lead to some type of compromise on filling the state's 35 billion dollar fiscal 2004 budget gap. The plan, includes financing 10 billion dollars of the gap over five years with a dedicated sales tax, 2.2 billion dolars of pension bonds, and spending and taxing limitations and fund transfers. As part of their balancing plan released on April 29, 2003 Republicans, a minority in the Legislature, want to use the proceeds of about 10 billion dollars of bonds, secured by a dedicated one-half cent of the existing 5 percent sales tax, and the state would pay off over five years. Legislators will use pension bond proceeds to make budget year payments to the state's two pension funds.


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