Posted on 02/18/2004 4:17:41 PM PST by Amerigomag
Edited on 04/12/2004 2:11:05 PM PDT by Jim Robinson. [history]
Fresno Mayor Alan Autry and state Treasurer Phil Angelides joined Tuesday to oppose a $15 billion bailout bond to refinance past state budget deficits.
At a town hall meeting in Fresno, Autry and Angelides told a crowd of fewer than 50 that there needs to be more discussion on Proposition 57 before it goes to voters March 2.
(Excerpt) Read more at fresnobee.com ...
Autry has previously been on stage with Schwartzenegger when Schwarzenegger came to Fresno to promote his twin initiatives.
Autry is one of the few mayors in California that acknowledges that repayment of the bond will fall heavily upon local governments.
If Prop 57 fails the cuts will severely effect local governments this coming year but probably not beyond that fiscal year.
If Prop 57 passes so does Prop 58 and the legislature faces budget caps. With these caps imposed the legislature will divert funds from local governments to pay the debt service on the bonds. These cuts will go on year after year.
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