|
1
|
$26,200,000 of loans, the majority of which will not be
|
|
2
|
submitted to the voters until 1968, or later. By contrast,
|
|
3
|
we have less than $25,000,000 in addition to the foregoing
|
|
4
|
that has been approved by the voters and is available for
|
|
5
|
appropriation. The. existence of large sums of loan
|
|
6
|
authorizations is certainly a factor in the establishment
|
|
7
|
of credit ratings.
|
|
8
|
"We therefore recommend that neither the
|
|
9
|
Constitution nor the legislature be empowered to place
|
|
10
|
upon the twenty-four major political subdivisions any
|
|
11
|
restrictions insofar as the creation as debt is concerned.
|
|
12
|
On the other hand, we do not believe that the requirement
|
|
13
|
of submitted proposed loans to referendum be continued."
|
|
14
|
DR. JENKINS: To interrupt; you oppose even the
|
|
15
|
fifteen per cent?
|
|
16
|
MR. BENTON: Yes. I would oppose any limitation.
|
|
17
|
THE CHAIRMAN: Charles, did I hear you correctly
|
|
18
|
when you said you would recommend the legislature have no
|
|
19
|
authority over the twenty-four new counties?
|
|
20
|
MR. BENTON: Yes.
|
|
21
|
|
|
|
THE CHAIRMAN: Don't you really mean have no
|
