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Facts!

Prop. 56 guts Prop. 13’s two-thirds vote requirement for tax increases. Prop. 57 approves a $15 billion debt consolidation bond. But without Prop. 57’s $15 billion, the state will default in June! Is there a fallback plan? Sort of. There is the Legislature’s $10 billion bond, which most likely would be struck down as unconstitutional! The state Supreme Court has already struck down the Legislature’s $2 billion bond because it lacked voter approval. Go to http://pacificlegal.org/ and under op-eds and click on “No Hollywood Ending: California’s Not Shining Fiscally Yet.”

Bill Thomas

Grass Valley


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