Posted on 11/22/2005 4:12:35 PM PST by calcowgirl
SACRAMENTO - Amid speculation that Gov. Arnold Schwarzenegger will seek a $50 billion bond measure to upgrade California's aging infrastructure, state officials said the program would be part of a long-term plan that would also tap private-sector partners and user fees.
California's deteriorating infrastructure - everything from congested freeways and ports to crumbling schools and levees - is estimated to need at least $100 billion in repairs.
"We're looking at creative ways to do financing, at a lot of competing needs and at how much you can get moving all at one time," said H.D. Palmer, a spokesman for the governor's Finance Department.
Some stakeholders are cheering the effort, including Russell Hammer, president of the Los Angeles Chamber of Commerce, who has urged lawmakers to call a special session to address the issue.
But some critics, including the state treasurer, have begun to question the wisdom of the state issuing any new bonds.
"He must first balance the state (operating) budget," said State Treasurer Phil Angelides, who oversees bonds in California and is a leading Democratic gubernatorial candidate.
The state Legislative Analyst's Office recently projected that while California will gain a one-time revenue boost from an upbeat economy next year, the state still is spending about $4 billion a year more than it takes in.
Senate Minority Leader Dick Ackerman agreed that the state needs infrastructure improvements, but the Irvine Republican said he wants California to avoid a taxpayer-supported, general-obligation bond so big it triggers tax hikes.
"We're already near our maximum," said Ackerman, R-Tustin.
The nonpartisan legislative analyst, Elizabeth Hill, echoed Ackerman's warning.
"We're now spending more on debt service than on the University of California," she said. "Additional spending on debt services means other dollars that aren't going, for instance, to health care and education."
Meanwhile, Senate leader Don Perata, D-Oakland - who had made a proposed $10 billion infrastructure bond a top priority this year - said he has begun talking with the administration about combining their efforts.
"This is not simply a problem" for the north or south halves of California, said Perata. "It's a problem for the whole state."
Kudos to Ackerman for stating the obvious.
Just a thought.
CA needs to slash its bloated budget, not find more ways to enslave future generations with giant debt. The government of this state is monstrously corrupt, arrogant and inept - and all attempts at reform are rebuffed by the voters themselves. It's positively vein-bursting.
Step 1 Zero base budgeting.
Step 2 Identify and eliminate waste.
Step 3 Stop wasting state money on "Gay" anything.
That should come close to $100 billion...
OH MY !!
Tax me again Uncle Scam!
http://us.a2.yahoofs.com/users/4383b774z25dc2190/7423/__sr_/ebb8scd.jpg?phgC8gDB82z9ZVZq
Some things have improved. Many parts seem unspoiled and unchanged. Other aspects have gone considerably downhill. It could all be better, if only the politics hadn't interfered. It's not the same California I remember.
Thanks. I think I'll enjoy everything except getting to the airport in Houston tomorrow morning. No way to enjoy that!
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