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Originally Posted by Patrick
Personally, I'm not opposed to spending the money on higher education, but I am opposed to method our state is using to spend this money. The $400 mill in interest that will be payed out could go towards more education funding.
Whatever happened to a pay as you go system? Instead of spending money you don't have? I guess investors will be happy.
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Exactly. Bond issues are one reason that our state is in the financial crisis that it's in. It's how we choose to fund everything! Our state's forefathers wrote into the constitution that we couldn't pledge tax revenues past the current fiscal year. What a great concept that was! I'd very much like to see what % of our tax money goes just to paying interest on bonds. I'll bet if we paid for things up front/as we went, we'd have nearly double the money available.