TITLE

Angelides: Hold Off On New Bonding

AUTHOR(S)
Finestone, Deborah
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/21/2003, Vol. 344 Issue 31640, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Treasurer of California, Phil Angelides told leaders of California that he opposes the sale of any new general obligation bond issues or state lease-revenue bonds beyond those already approved or on the 2004 ballot until a balanced budget is in place and there is a viable plan to fix structural imbalances. Sixteen legislative bills proposing approximately 61.7 billion dollars in new GO debt have been introduced, and they could appear alongside about 20 billion dollars in GO bond proposals already slated to be on the March and November 2004 ballots. The proceeds for the bonds already on the ballot would be used to finance school construction and a high-speed rail project. Angelides has long been an active proponent of prudent investment in California's future and has supported bond measures approved by voters during the past four years, but he now says the state must get its house in order before it goes into more long-term debt.
ACCESSION #
9903005

 

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