Vote ‘no’ on Amendments 4, 14
Published 9:20 am Friday, October 24, 2014
The American Press is urging “no” votes for constitutional amendments 4 and 14 on the Nov. 4 election ballot.
Amendment No. 4 deals with fund transfers for a transportation infrastructure bank. The amendment would allow the state treasurer to invest public funds in the proposed Louisiana Transportation Bank, in the event that such a bank is created.
The Public Affairs Research Council in its guide to the amendments talks about the downside of the amendment. It is considered too speculative and premature. The bank has not even been created.
During the 2014 session, the Legislature considered a package of bills that would have created a Louisiana Transportation Infrastructure Bank. But one of the bills, House Bill 628, became Amendment No. 4, in case the bank should be created in the future.
While the amendment would allow the state treasurer to invest public funds in the bank, voters are being asked to finance something that may or may not happen, without knowing anything about the bank’s structure or safeguards against potential corruption.
According to the Legislative Fiscal Office, operating expenses for the bank would be between $300,000 and $400,000 per year, which would have to be covered by revenue generated from its loan program. This amendment is premature, and speculative. Vote no on Amendment No. 4.
Amendment No. 14 has to do with tax rebates, incentives and abatements. The amendment would forbid introduction of tax rebates, incentives and abatements in even-numbered year general sessions of the Legislature. Such economic inducements are not currently forbidden by the constitution, and legislators need the flexibility to go after job boosting projects and promote business growth in Louisiana, whenever there is an opportunity.
It makes no sense to hamstring lawmakers by forbidding them to act on economic development opportunities in even-numbered years. When economic development opportunities pop up, they shouldn’t have to wait for an odd-numbered year fiscal session. The state could potentially lose thousands of jobs simply because the calendar doesn’t coordinate well with the opportunity.
In addition, fiscal sessions have not produced the in-depth focus on fiscal matters that state leaders and voters hoped for when this new system was approved years ago.
If Louisiana wants to continue on the road to becoming a “business-friendly” state, it cannot put bureaucratic roadblocks up that really make no sense and actually do economic harm to Louisiana.
The American Press recommends you vote against constitutional amendments 4 and 14 when you vote early or go to the polls Tuesday, Nov. 4.
