"The Official Portrait of Miss InDiana"

"The Official Portrait of Miss InDiana"
aka "Miss Victory"

Wednesday, January 16, 2008

Dave Bond of STOPIndiana.com weighs in on bond indebtedness

We received this message today from Dave Bond and our friends over at StopIndiana.com about bond indebtedness.

For release:
Tuesday, January 15, 2008
Indiana State House, State of the State Address

See for yourself, check these numbers!

Subject: Diversions, distractions and WASTED TIME

Some legislators are complaining that their time is being wasted trapping mice (township govt.) rather than herding elephants (excessive, unconstitutional bond debt).

Department of Local Government & Finance (DLGF) numbers for 2005 show that of the total $15.3 billion allocated and budgeted for local government statewide, only 2.17% were attributable to townships or $332M. This is the area of government spending that now consumes and many say diverts attention from the state's real spending problem which is it's bond indebtedness.

In the state's capitol (Marion County), only 3.5% of the county's total budget is attributable to the total fixed or operating costs for all township governments or taxing units. While it may be a good idea, a 20% savings through consolidation would yield .7% savings; more mouse trapping than elephant herding.

So where are the elephants? The elephants are Indiana's out of control bond indebtedness that some predict has grown by 500% during the last five years. Look at the state's bond debt and you'll notice the elephants, currently herded by a curious coalition of lobbyists: educrats, Chamber of Commerce, Manufacturers, Farm Bureau and bond manufacturers (niche law, niche development, etc.)


colonist said...

Excellent observation. Lawmakers run for cover with you mention bond indebtedness because they know of it's inherent flaws and questionable legal standing. The Governor focused on reining in capital spending as a diversion. Hope voters don't fall for the distraction

Anonymous said...

The lawsuit challenging the bond debts should proceed on the basis of the Indiana Constitution's language and clear legislative history in the 1850 Journal and Debates. I think Brother Bond errs when including Manufacturing in his cat herders and perhaps with the State Chamber as well although local versions of bond pluggers likely exist.