11,752

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this: the legislature may go to 25 years, but if it does,

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it may be 16 or 18 or 20, but if it does it shall be by a

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three-fifths majority.

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Now, I am asking you just one question: What

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have we been doing in this Constitutional Convention?

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If you are to listen to the statement that the legislature

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will glibly pass all of them on a unanimous basis, that

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isn't the kind of legislature that I have been striving

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to strengthen. I have too much faith to believe that they

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are just going to simply, willy-nilly go ahead and borrow

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this money without regard to its need or to the majority.

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Now, there are other reasons why from a business

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point of view this flexibility may be needed.

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You sell on a 15-year maturity basis at an

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interest rate; you couldn't have callable bonds today,

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nobody would buy them, or you would have a provision

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which might cost you too much money. If you are going

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to have them beyond that date/ and interest rates change,

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there is always the opportunity to make those bonds callabe

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Who knows among you here what is going to be the

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answer over the next 50 or 100 years?