Jefferson CIty, Mo – The state of Missouri has sold $387 million dollars in bonds to help erase budget shortfalls projected in the next 15 months.
Although the bonds create 25 years of debt payments, Governor Bob Holden says they're the best way to head off serious cuts in state services.
Lt. Gov. Joe Maxwell joined Holden as the Board of Public Buildings approved the bond sale Thursday. The third member, Attorney General Jay Nixon, voted no. The three Democrats are the only members of the bond-issuing board. Nixon has consistently opposed the bonds, whether backed by tax revenues or by tobacco settlement proceeds. He says he's against
going into debt to balance the budget.