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Voters OK measure letting
state sell bonds to pay pension debt Associated Press/The Olympian September 17, 2003 Oregon
got permission from voters in Tuesday's special election to sell bonds to
refinance part of the public pension debt, a move the state treasurer says
will save the state about $1 billion. With 79 percent of
the vote counted, Measure 29 had 55 percent of the vote to 45 percent
opposed. The proposal had a wide lead in the most populous urban counties
and was trailing narrowly in many rural counties. The measure, put on
the special election ballot by the Legislature, authorizes the state to
sell $2 billion in bonds. State Treasurer
Randall Edwards said that because of low bond interest rates, the
refinancing would save the state about $1 billion in interest as it pays
its share of the Public Employee Retirement System's debt. "I'm pleased
that with this victory tonight we will be able to take this smart,
fiscally responsible step," Edwards said. Thanks to the
voters, Edwards said, "I will be able to save nearly $1 billion.
That's money that can go to schools, our seniors and other critical
services." The Oregon
Libertarian Party, Measure 29's main opponents, argued the bonded debt
would have to be paid off with more taxes because legislators would
squander money saved from refinancing and that the bonding authority
seemed too open-ended. Richard Burke, party executive director, said the results weren't surprising because the measure's supporters had spent more money than his own party's low-budget campaign. But he said Libertarian efforts against Measure 29 might have narrowed the final results. Copyright
© 2002 Global Action on Aging |
