Runner Authors Bond Debt To Be Placed In Constitution
As the Governor and the Legislature engage in deciding the best approach to invest in California’s crumbling infrastructure, it is critical that are prudent parameters are established to protect the state’s future fiscal health. This is why Senator George Runner (R-Antelope Valley) has introduced Senate Constitutional Amendment 21which would place in the California Constitution a debt cap that cannot exceed six percent. “As we plan to invest in a long-term commitment to fix California’s roads, schools, levees, and other critical infrastructure projects, one of the most important elements is a debt cap in the Constitution. It will provide us with better planning in the future and stabilize the state’s budget in paying for these bonds,” said Senator George Runner. SCA 21 will constitutionally ensure that no bonds can be issued that exceed the six percent debt cap. The measure is sponsored by Governor Arnold Schwarzenegger and will be a part of the overall infrastructure financing discussions taking place in the Legislature over the following weeks. “It is important that a debt cap be placed in the State Constitution to provide fiscally sound parameters. A debt cap provides the taxpayers protection now and twenty years from now as different bond measures are considered over time.” If passed by the Legislature, SCA 21 will then be placed on the next statewide ballot for approval by California voters.