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S&D-10, by Delegate Stern and others:

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On page .3, section 6.06. State Indebtedness:

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In line 9 place a period after the word "incurred" and

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strike out the remainder of this line and all of lines

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10, 11 , 12, and 13.

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THE PRESIDENT: Amendment No. 2 submitted by

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Delegate Stern and seconded by the co-sponsors. The

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Chair recognizes Delegate Stern.

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DELEGATE STERN: The provision as it now stands

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is an expensive change, not hundreds or even thousands,

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or hundreds of thousands, but millions of dollars of

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change, and that is a lot of change.

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On December fifth I showed you this chart.

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It showed at the time a million dollar loan at the composite

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rate of 3,6647, the rate used in June when $34.9 million in

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bonds were issued. On that day that you saw this chart the

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state sold $52,045,000 in bonds for a net annual interest

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of 4.21856. By the time these bonds are retired in 1983,

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the state will have paid $20,953,389.02 in interest.

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This rate is the highest rate since 1932. Let

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me show you the difference in the two from what we paid