AgdaPkt 2009-04-20 spc - Laserfiche WebLink

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7A Page 2 'Props. 1A.f' Continued from Page 1... The board action came after the League's Revenue and Taxation Policy Committee recommended support last week by a three-tCK>ne margin. Three-fourths of the votes cast by board members supported the board's action. The board concluded that this action is of critical importance to protecting city revenues, furthering infrastructure investment and rebuilding California's state and local economies. Prop. 1A. the board concluded, offers the prospect for long-term fiscal reform and stability for state government as the new, less vulnerable rainy day fund is filled over the years. The board also voted to support Props. 1A-F because we can't afford to stop our state and local infrastructure projects at a time when jobs and capital investment are critical to our recovery. If the propositions fail, it will only deepen the state's cash crisis and many of these projects will . likely come to a halt. The League's leadership made the following statements on the organization's support of Props. 1A-F: League President Judy Mitchell, mayor, Rolling Hills Estates. endorsed the action, praising her colleagues. "Our board had a very spirited and respectful debate. representative I suspect of the one that is going on across California. As city officials, our most important job on state financial matters is to protect local government revenues. The difficult decision to support these ballot measures reflects our conviction as city leaders that the short-term and long-term interests of cities and the entire state will be better served If these measures pass," said Mitchell. "Cities have long maintained that the state should face up to its fiscal challenges by making the tough choices required to balance the state budget with state funds rather than irresponsibly taking or 'borrowing' local funds needed for vital community services. These ballot measures and the budget they Implement represent a bipartisan effort that reflects this philosophy at a time when city services are already being cut deeply due to the recession," continued Mitchell. Ken Cooley, League first vice president and vice mayor, Rancho Cordova, observed: "These ballot measures reflect solid, bipartisan progress to achieve state budget reform and greater financial stability for our state. For me, the bottom line is that ultimately city public safety, transportation and other essential local services will be more stable if the state's finances are more predictable. That is why I believe it's critical to support these ballot measures." League Second Vice President and Hemet Council Member Robin Lowe underscored the infrastructure and economic benefits of the plan during this time of economic recession. "We simply can't afford another state cash crisis that stops critically needed infrastructure projects dead in their tracks. These badly needed construction projects create valuable jobS and address serious needs In our communities that will provide long-term economic benefits for cities and our state. " 'AB 155' Continued from Page 1... AS 155. as originally drafted, required that a municipality seeking to file bankruptcy to first get approval from the Local Agency Bankruptcy Committee (LABC). This committee, which has not been created. would be comprised of the controller, the treasurer and the director of the Department of Finance. AS 155, as amended March 27. would require that a municipality obtains approval from the already existing California Debt and Investment Advisory Commission (CDIAC). CDIAC is currently comprised of the following officials: . Bill Lockyer: California State Treasurer and chair . Arnold Schwarzenegger: Governor . John Chiang: State Controller . Dave Cox (R-Fair Oaks): State Senator 2