|
1
|
program.
|
|
2
|
MR, RENNIE: Well, the pension program, which is
|
|
3
|
almost what we consider an operating expense just as any
|
|
4
|
other operating expense, I think this is getting bad. The
|
|
5
|
only time we ever did this was in 1935, the Emergency Loan
|
|
6
|
of 1935, which was, I believe, $50,000,000, which was paid
|
|
7
|
off some ten years ago. Hell, here is a bond counsel, a
|
|
8
|
bondman. Direct your question to him. I think —
|
|
9
|
DR. JENKINS: I wanted your opinion on the
|
|
10
|
record.
|
|
11
|
MR. RENNIE: In my opinion, I think we ought to
|
|
12
|
stick to the constitutional provision that it be paid off
|
|
13
|
in fifteen years.
|
|
14
|
THE CHAIRMAN: Let me direct your attention to
|
|
15
|
another problem which is going to come up today and see-
|
|
16
|
what you have to say about it. It has been suggested in
|
|
17
|
some quarters that the Budget Director should follow the
|
|
18
|
political wind, so to speak", and his term should be
|
|
19
|
consistent with that of the Governor's. I think New York
|
|
20
|
has this policy.
|
|
21
|
The theory is that the Budget Director is perhaps
|
