11,749

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affect that interest, that credit rating and the interest

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rate.

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The provision as shown here claims to give

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flexibility. It doas not. We were told that if the 25

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years were authorized the legislature would vote for 25

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years, under pressure to have the bond issue floated and

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the proceeds used for the benefit of the State. In the

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last nine years the most dissenting votes on any bond

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issue in both houses was seven. The majority of bond issues

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passed in both houses have been unanimous. Why change?

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Why change what has served us well for 100 years? Why

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speculate and why spend?

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As I said before, simply the object of debt

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is to get out of it.

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THE PRESIDENT: Delegate Sherbow.

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DELEGATE SHERBOW: Mr. President, and ladies

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and gentlemen: I hope you will vote against this

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amendment. It is not easy to take statements that are

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probably incorrect, and in a short time correct them, but

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when they say to you that bonds of longer maturity are

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bonds that require higher interest rates, this just isn't so