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£nabling legislation for a state-wide referend~n ~ould also include <br /> amendments to the sales tax law and the Local Government Bond ~ct to create <br /> the machinery for the loan program. Such legislation Would also reflect .any, <br /> as yet undetermined, requirements fo the new Tax Reform Act. <br /> <br /> There are clear advantages to this proposal: <br /> <br /> ~. By Using the Triple-A credit of the State, interest costs ~ould be <br />reduced, it is estimated that nearly 50million dollars, over 20 years, could <br />be saved. <br /> <br /> g. The economies of scale, one issue instead of possibly hundreds of <br />issues, could significantly reduce issuance costs. <br /> <br /> 3. Ne are talking about present levels of revenues, not increases in <br />revenue. <br /> <br /> 4L The assured access to a capital market means that school ~oards and <br />counties can together plan and adopt longer range school facility plans with <br />an e~e to the future. <br /> <br /> 5. Counties would still be free to follow pay-as-you-go programs and have <br />ultimate responsibility for decisions. The decision making process will remain <br />where it belongs, at the local level. <br /> <br /> <br />