A State Representative charges the Legislature is setting a dangerous predent by approving $400-Million in revenue bonds to prop up the sagging state budget. Representative Denny Merideth of Caruthersville tells House Budget Committee Chairman Carl Bearden of St. Charles the method being used to pay for the bonds is shaky. Still, Merideth claims the State Legislature has set a dangerous precedent. He says it’s the first time the state has borrowed money to keep operating, rather than to pay for capital improvements. Merideth also criticizes the cost of the bonds. He notes the state is borrowing $400-Million to get a net of $335-Million and the pay-off in 22 years will total around $800-Million.
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