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California $4 Billion School Bond Plan Fails in Senate

Aug. 19 (Bloomberg) -- A proposal to add a $4.3 billion school-bond initiative to California’s November ballot stalled today in the state senate.

“It’s basically dead for this year,” Assemblywoman Joan Buchanan, a Democrat who offered the legislation, said in a telephone interview. “We came to the conclusion yesterday, given the time constraints of putting an initiative on the ballot and the fact that the governor does not support this, that it did not make sense to move forward.”

Governor Jerry Brown’s finance department opposed the measure, saying it would add general-fund costs at a time when the administration is focused on repaying debt and building a rainy-day fund.

To contact the reporter on this story: Alison Vekshin in San Francisco at avekshin@bloomberg.net

To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net Mark Tannenbaum, Mark Schoifet

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