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To: shades who wrote (50623)	5/5/2006 6:50:57 AM
From: shades	Respond to of 116555

Calif Legislature Passses Record $37.3B Spending Plan . SACRAMENTO (AP)--State lawmakers early Friday approved a series of bills that would place a record public works spending plan before voters in November, reviving a proposal that had broad public support but failed to pass the Legislature earlier this year. The $37.3 billion package would be the largest bond issue in California history and now goes to Gov. Arnold Schwarzenegger. The governor, who proposed an even larger spending plan in January, called the votes in each house "a landmark accomplishment that will yield benefits for generations to come." "For the first time in a generation, we are making a real investment in our state's future," he said in a statement issued shortly before 3:30 a.m. Friday, after the votes in the Assembly sent the bills to his desk. The version passed by the Assembly and Senate asks voters to approve four propositions: $19.9 billion for roads and transit projects; $10.4 billion for school and university buildings; $4.1 billion for flood control; and $2.85 billion for affordable housing projects. The package passed by the Assembly and Senate is only about half the amount of borrowing originally sought by Schwarzenegger, but the governor's office said he was pleased with the action. The votes of at least two Republicans in the Senate and six in the Assembly were required to get the two-thirds majorities required to approve the bond bills. (END) Dow Jones Newswires May 05, 2006 06:48 ET (10:48 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 06 48 AM EDT 05-05-06