Highway Bonds
I would like to correct a misstatement that A. Alan Post made in his opinion piece of July 12, “Gann Limit: Mortgaging Our Future.â€
The Deukmejian Administration recently announced a three-part transportation plan. Capacity improvement, increased emphasis on traffic management strategies and local participation are three segments of a plan to take California’s transportation system into the 21st Century.
Funding for the capacity improvement segment of the Governor’s plan will entail the issuance of general-obligation bonds or notes. Let me emphasize that the proceeds from these financial instruments will not be used for maintenance as stated by Post. This portion of the state’s highway program will continue to be funded as it has traditionally--with the gasoline tax.
Bonded indebtedness is not a cure-all for the current funding predicament of the state’s transportation system. But when used in conjunction with traditional funding sources, it offers a more balanced approach to highway finance.
LEO J. TROMBATORE
Director of Transportation
Sacramento
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