Opinion ID: 2609273
Heading Depth: 1
Heading Rank: 4

Heading: STATE BONDS ISSUED UNDER SUPERVISION OF STATE FINANCE COMMITTEE May 1, 1963 (millions of dollars)

Text: Amount Authorized Authority Authorized Issued Not Issued War Veterans' Comp Ch. 180, Laws 1949 | > Ch. 292, Laws 1955 | 80.0 77.75 2.25 School Building Constr Ch. 229, Laws 1949 40.0 40.0 [1] ....... Ch. 7, Ex 1953 20.0 20.0 ....... Ch. 3, Ex 1955 30.0 30.0 ....... Ch. 234, Laws 1957 52.0 52.0 ....... Ch. 8, Ex 1959 34.0 34.0 ....... Ch. 3, Ex 1961 50.75 25.0 25.75 Ch. 26, Ex 1963 59.00 ....... 59.00 Institutional & Public Ch. 230, Laws 1949 20.0 20.0 [1] ....... Building Bonds Ch. 298, Laws 1957 19.875 19.875 ....... Ch. 299, Laws 1959 25.0 25.0 [1] ....... Ch. 9, Ex 1959 10.089 10.089 ....... Ch. 23, Ex 1961 27.556 17.556 10.0 Highway Ch. 121, Laws 1951 66.704 66.704 ....... Ch. 154, Laws 1953 18.0 18.0 ....... Ch. 311, Laws 1955 4.3 3.3 1.0 Ch. 189, Laws 1957 75.0 45.0 30.0 Ch. 206, Laws 1957 3.0 2.0 1.0 World Fair Ch. 174, Laws 1957 | > Ch. 152, Laws 1961 | 10.5 10.4 .1 Administrative Bldgs Ch. 255, Laws 1959 | > Ch. 25, Ex 1961 | 7.0 5.39 1.61 _______ _______ _______ 652.774 522.064 130.710 Balance Authority Outstanding War Veterans' Comp Ch. 180, Laws 1949 | > Ch. 292, Laws 1955 | 34.221 School Building Constr Ch. 229, Laws 1949 18.704 Ch. 7, Ex 1953 2.475 Ch. 3, Ex 1955 15.65 Ch. 234, Laws 1957 37.93 Ch. 8, Ex 1959 31.61 Ch. 3, Ex 1961 24.655 Ch. 26, Ex 1963 ....... Institutional & Public Ch. 230, Laws 1949 9.352 Building Bonds Ch. 298, Laws 1957 15.795 Ch. 299, Laws 1959 21.35 Ch. 9, Ex 1959 8.92 Ch. 23, Ex 1961 17.373 Highway Ch. 121, Laws 1951 45.605 Ch. 154, Laws 1953 13.335 Ch. 311, Laws 1955 2.09 Ch. 189, Laws 1957 43.31 Ch. 206, Laws 1957 1.48 World Fair Ch. 174, Laws 1957 | > Ch. 152, Laws 1961 | 7.625 Administrative Bldgs Ch. 255, Laws 1959 | > Ch. 25, Ex 1961 | 5.238 _______ 356.718  Bonds Outstanding  Average Total Debt Annual Service Debt Service Authority Require Requirement War Veterans' Comp Ch. 180, Laws 1949 | > Ch. 292, Laws 1955 | 37.51 4.50 School Building Constr Ch. 229, Laws 1949 20.41 2.55 Ch. 7, Ex 1953 2.51 ...... [2] Ch. 3, Ex 1955 18.03 2.25 Ch. 234, Laws 1957 46.01 4.68 Ch. 8, Ex 1959 42.76 2.41 Ch. 3, Ex 1961 33.16 1.75 Ch. 26, Ex 1963 ....... ...... Institutional & Public Ch. 230, Laws 1949 10.20 1.28 Building Bonds Ch. 298, Laws 1957 20.07 1.43 Ch. 299, Laws 1959 27.55 1.72 Ch. 9, Ex 1959 11.85 .74 Ch. 23, Ex 1961 23.78 1.25 Highway Ch. 121, Laws 1951 55.14 3.98 Ch. 154, Laws 1953 16.88 1.22 Ch. 311, Laws 1955 2.34 .23 Ch. 189, Laws 1957 55.46 3.88 Ch. 206, Laws 1957 1.75 .19 World Fair Ch. 174, Laws 1957 | > Ch. 152, Laws 1961 | 10.01 .77 Administrative Bldgs Ch. 255, Laws 1959 | > Ch. 25, Ex 1961 | 8.86 .35 ______ ______ 444.28 35.18 Revenue Authority Pledged War Veterans' Comp Ch. 180, Laws 1949 | > Ch. 292, Laws 1955 | Cig Tax School Building Constr Ch. 229, Laws 1949 Sales Tax Ch. 7, Ex 1953 M V Excise Ch. 3, Ex 1955 Cig Tax Ch. 234, Laws 1957 M V & Cig Ch. 8, Ex 1959 Cig Tax Ch. 3, Ex 1961 Sales Tax Ch. 26, Ex 1963 M V Excise Institutional & Public Ch. 230, Laws 1949 Sales Tax Building Bonds Ch. 298, Laws 1957 Sales Tax Ch. 299, Laws 1959 Sales Tax Ch. 9, Ex 1959 Sales Tax Ch. 23, Ex 1961 Sales Tax Highway Ch. 121, Laws 1951 Gas Tax Ch. 154, Laws 1953 Gas Tax Ch. 311, Laws 1955 Gas Tax Ch. 189, Laws 1957 Gas-Fed Aid Fds Ch. 206, Laws 1957 Gas Tax World Fair Ch. 174, Laws 1957 | > Ch. 152, Laws 1961 | Corp Fees Administrative Bldgs Ch. 255, Laws 1959 | > Ch. 25, Ex 1961 | Rental Revenue complete the issuance and sale of so many of the bonds, authorized by the Laws of 1961, Ex. Ses., chapter 3, p. 2521, and Laws of 1961, Ex. Ses., chapter 23, p. 2656, as may be necessary to meet commitments made for the completion of school plant facilities and capitol improvement projects now under construction. I do not share fully in the majority's enthusiasm for Prospective Overruling. I know of no way by which this court can bind tomorrow's court to decide a certain issue in a certain way. I can see great value to the trial bench, the bar, and the legislatures, in indicating that a change is contemplated in an established rule; but that is not a prospective overruling. As of December 13, 1962, [8] a majority of this court had indicated that they undoubtedly would not follow the Gruen case. Consequently, the 1963 legislature hedged its legislation, [9] and, while it provided for a 59 million dollar bond issue for public school plant facilities, payable from retail sales taxes, it also provided that, if this court held the issue of bonds to be invalid as constituting a state debt, it should be referred to the people under the provisions of Art. 8, § 3, of the state constitution at the next general election. The majority hold, and I agree, that this 59 million dollar bond issue would constitute a state debt and put the state beyond its constitutional debt limit, and that, therefore, it should be submitted to the people at the next general election as the legislature provided. In the main my only disagreement with the holding of the majority (and that may be entirely academic) [10] is that I would not hold all bonds, authorized but not yet issued pursuant to Laws of 1961, Ex. Ses., chapter 3, p. 2521 (Public School Plant Facilities Bonds), and Laws of 1961, Ex. Ses., chapter 23, p. 2656 (Capitol Improvement Projects Bonds), to be lawful and valid. I have already indicated that I believe that only such bonds should be issued and sold as are necessary to make good the state's commitments to those who have started construction in reliance on those commitments. DONWORTH, J., concurs with HILL, J.