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Governor signs bill to help state, local governments on bonds
Last Updated 5:44 am PDT Thursday, March 27, 2008
Story appeared in MAIN NEWS section, Page A4
Gov. Arnold Schwarzenegger signed a bill Wednesday to help state and local governments avoid a spike in municipal bond interest rates.
"In tight fiscal times, it is especially important that we think of ways to save taxpayer dollars," Schwarzenegger said in a prepared statement announcing his signing of Senate Bill 344.
The bill, by Sen. Mike Mach-ado, D-Linden, lets state and local government, hospitals, universities and others to escape interest rate increases in two little-known bond markets by buying back their own debt.
Without the law, the entities might have lost their insurance and tax-exempt status and been forced to seek reauthorization from voters.
– John Hill, Bee Capitol Bureau
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