Largest Infrastructure Bond Ever Heading To California Voters

Headed to the governor, then the voters, November ballot is the largest bond issue ever -- four bonds totaling $37.3 billion, consisting of billions for transportation, schools, levees, and affordable housing.
May 6, 2006, 7am PDT | Irvin Dawid
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"By large majorities and sometimes with heavy bipartisan support, the California Legislature completed one of its most significant achievements in recent memory early Friday by putting a $37.3 billion package of infrastructure bonds on the November ballot."

"'Today is a proud day for the Legislature,' said Assembly Speaker Fabian Nunez, D-Los Angeles, on the floor of his chamber after it moved the bonds to Gov. Arnold Schwarzenegger for his all-but-certain signature."

"Legislative Republican leaders also reacted with a feeling of achievement and satisfaction, as well as a sense of history. Senate Republicans voted strongly in favor of transportation and flood control, while a majority of GOP members in the Assembly only came out against the housing proposal."

"Besides the bond packages, lawmakers passed an added $500 million appropriation for levee repairs. They also put on the ballot another measure designed to put the brakes on the state's continued raids on the estimated $1.4 billion in sales taxes on gasoline (known as Prop 42 funds) that is supposed to go toward highways, roads and public transit."

Thanks to ABAG-MTC Library

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Published on Friday, May 5, 2006 in The Sacramento Bee
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