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9A Page 5 ILGs Climate Adion N�work has a recogt�ition canponent to cefebr�e how aties are�educing emissions.The program is designed to reoognize cities based on the percentages they reduce to altoMr for the diffenence in size between cities. The baard was alsa acfvised that st�ff and a group of loca!and regional agenaes are continuing discussions on SB 375 with author Sen. Darfei Steinberg and the bilPs sponsor,the Califomia League of Conservation Vo#ers.ViR�en the neg�iatiarfs are comptede�League E�oNcI+cammitkee chairs with jurisdiction on the biil wiil wqrk w�lh the poard to review the padcage oi recommended - changes. Over U�e past 4ew months,the League has been convening meetings of tacal�d regional stakehdders with the author's representatives aa�d sponsor in an effort to hammer out a responsibie set ofi ameMhnents to the biN_ In the briefing on the lea�e's third priority th�s year to"expand infrastructure investmerrt,"fhe board was advised that aties are beginning to r�eceive Proposation 1 B Locai Street and Road funds.As of rrrid�4prii,235 cipes have received their FY 2007-08 a{locations. Finalfy,the boa�d Ieamed hrnv its faurth priority to"enact honest and responsible eminent ciomain refortn"was faring when it received reports on the large coalikion that has been fortned to defeat Prop.98 and pass Prop.99. , T'he baard leamed af the recerrt opposition to Prop.98 by the Califomia Chamber of Commerce, the Cadifomia Trans}�ortatian Commission(CTC)and tl.S. Representative G+eorge Radonovich (R-Maripasa).The bpard was also advised that St�e Tre�urer&It Lockyer is the first Califamia cor►stitutional officer to offiaafly oppo.se 98 and support 99. Shortly after the meeting it was announced that the baard of directors of the Caiifomia Building Inclustry Associa�on voted to oppose P�op.98.On ThutsciaY,Aprii 2R,U.S.Senator Diane Feinstein(D-CA)annamced her opposfion to Prop.S8 and s�port I�or Prop.99. Next 9oaM Meeting The League of Caiifomia C�ies board a#dir�ctors wiN next meet July 25-26 in Sarita Cruz. `lit�mklpat Bond Rabfng RWam'Co�Ntnuad trom Page 1... Treasurer lockyer briefed tfie League's board of directo+'s during its me.eting Thursday,Apri117 on his campaign.-The b�rard voted unanimausly to support the campaign because af ttie importance ta the fiscal vitality of cfies,especia�y+c,�'ven the cument budget crisis.The League's Ftevenue and Taxapa�Poficy Committee took a support position on this matter when it met in ear1Y April in�tario. Lockyer expMair�d to the board last week that the cxm�eM rating system discriminates aga�rtist loca{ar�d state ager�cies whic�issue bonds which results in public agem�es paying a higher irrterest a�the twnds than p�ivate oorywrattons with similar clefault exposure.The pra�tice penaliczES taxpayers because pubiic money t�►at could be invested in inftastruchire is instead being used to borrow at high interest rates. Under th�cu�rent system,municipal#�ds that are typicaUy assigr�ed an A rating by 5tandard& Poors,AAoody's ancf F�tch can by upgraded to AHA if the agencies issuing the bc�nds purchase expensive bond insurance. Loc�cye�estimates that+n the past five years,Califomia has spent $102 miltion purchaaing insuranoe which is unneeded c,�'v�the extremely!ow default rate. Municipai bonds are extremely safe irnestments,especiaily compared to other bonds,Sta�dard &Poor's has found that Uie default rate af A-rated muniapai bonds is just.023 percent,wtrile corporabe bonds have a default rat�.of 2.91 per�cent—oc a 13 time.a greater chance of default than municipad bonds. During his preser�ta�on,the treasurer spoke about his frustraa#ion with the band rating agertaes which have not ariswered why rnu�icipal bands are assignec#sud�tow ratings. He has remindec# 5