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Vote 'yes' on both Amendments Turnout for Tuesday's special election to decide two statewide constitutional amendments will probably be dismal. However, the items on the ballot are extremely important to the state's economic well-being and everyone should make an effort to go out and vote "yes" on both. Amendment 1 would increase the state's borrowing authority under the Capital Improvement Trust Fund from the current cap of $350 million to $750 million. The extra money is needed to fund economic incentives to help attract new jobs to the state. Approximately $190 million of the new money has already been earmarked for incentives for the new $3.7 billion ThyssenKrupp steel mill to be built at Calvert. This mega mill will generate 2,700 new permanent jobs and as many as 50,000 indirect jobs over the next several years. A study indicates that the plant should add $1 billion annually to the state's economy. To say that is significant is an understatement. Southwest Alabamians should especially want to vote for this amendment because we are close to the steel mill site and should benefit greatly. But ThyssenKrupp isn't the sole reason for Amendment 1, only the one that has been publicized. The state is competing for a dozen other job-creating industries that would rely on these additional funds. This additional borrowing authority will not require a new tax of any kind. The debt service on the bonds sold (through competitive bids, it should be noted) under the amendment would be covered by revenues from offshore oil and gas drilling and production in the Gulf of Mexico. Revenues from these oil and gas wells should cover any additional debt. Amendment 2 is a little harder to explain but is also worthy of your "yes" vote. The state of Alabama has been covering health care benefit costs for state employees and teachers annually, but doing so on a "pay-as-yougo" basis, coming up with the needed money each year. New federal accounting rules require states to fully disclose their long-term liabilities for future retiree health benefit costs. These liabilities could cause the state to have to pay higher interest rates on money it has to borrow. The Alabama Legislature created a new health care fund for state employees and teachers to set aside money to help offset these costs. The money set aside would earn interest and help defray the cost of health benefits in the future. This amendment would ensure that these health care funds are used only for the purpose intended and would protect the money that is set aside.
This, too, isn't a tax and it is not new money. It would only protect an already-created account and hopefully save the state money in the long run. Don't forget to go vote "yes" on both of these issues Tuesday. They are important for our future.
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