Massive Public Works Bond Headed To The Public
Sacramento, CA — Early this morning state lawmakers approved a series of bills that would place a record public works spending plan before voters in November.
The approval revived a proposal that had broad public support but failed to pass the Legislature earlier this year. The $37.3 billion package would be the largest bond issue in California history and now goes to Governor Schwarzenegger´s desk.
The version passed by the Assembly and Senate asks voters to approve four propositions: $19.9 billion for roads and transit projects, $10.4 billion for school and university buildings, $4.1 billion for flood control and $2.85 billion for affordable housing projects.
Schwarzenegger had made passing a massive public works spending plan the centerpiece of his re-election year agenda. During his “state of the state” address in January, the governor proposed selling $68 billion in bonds to help pay for $222.6 billion in spending over 10 years.
An attempt to place a smaller bond measure on the June ballot failed in March when lawmakers and the governor could not reach a compromise.