03/26/2008 GAAS:145:08 FOR IMMEDIATE RELEASE Print Version | En Español | Email / Share
Governor Schwarzenegger Signs Legislation to Help State, Local Governments Save Money
Governor Arnold Schwarzenegger today signed SB
344 by Senator Michael Machado (D-Linden) that will help
state and local governments save money by avoiding having to pay higher
interest rates on existing bonds. The Governor issued the following statement
on the passage of the legislation:
"In tight fiscal times, it is especially important that we think of ways
to save taxpayer dollars. That is why this legislation is so critical this year
- to give state and local governments the ability to use money that would have
been applied towards rising interest rates for needed services.
"While this action will help save money now, it is vital we enact
systemic budget reform so we are not held hostage by uncertainties of the
marketplace. We need to fix our feast-or-famine budget cycles and put in place
a more dependable, predictable and stable system that the people of this great
state deserve."
