California School Boards Association Announces Opposition to 1998 Electric Utility Proposition.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--July 7, 1998--Citing the negative effects that the 1998 Electric Utility Proposition would have on education funding, the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). School Boards Association has announced its formal opposition to the November ballot measure. "This initiative will have serious economic consequences for California's school children by cutting future education funding," said CSBA CSBA California School Boards Association CSBA Center for Strategic and Budgetary Assessments CSBA Canadian School Boards Association CSBA California Small Business Association CSBA Canadian Swedish Business Association CSBA Customer Service Benchmarking Australia President John D'Amelio. "If this initiative passes, schools stand to lose an estimated $62.5 million under Proposition 98, the minimum funding guarantee for public schools, in the first year alone. That is unacceptable to us." In addition, the proposition makes the state liable for $6 billion in bonds that already have been sold. If the state is required to pay off those bonds, it could create a $6 billion hole in the state budget that would result in reduced funding for key programs and services, including education. Another serious concern for CSBA is the effect the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of previously sold bonds would have on future bond sales specifically for education. "By interfering with the repayment of bonds, California would set a precedent that would be absolutely devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. to the sale of future bonds for such things as school repairs, earthquake retrofitting, or general school funding," said D'Amelio. "CSBA's board had no other choice but to strongly oppose this proposition, given the negative impact it would place on future education funding," D'Amelio said. CSBA is a nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. association representing nearly 1,000 K-12 school districts and county offices of education throughout California.
CONTACT: California School Boards Association
Mina G. Fasulo, 916/371-4691
mfasulo@csba.org
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