Facing a slowing economy, Gov. Arnold Schwarzenegger responded this week by spreading bond money around.

Schwarzenegger held a levee-top press conference Wednesday to announce that his administration is expediting the implementation of $211 million of bonds from Proposition 1E, a $4.1 billion authorization for flood preparedness bonds the state’s voters approved in 2006.

The funds will go to four critical levee improvement projects in Northern California, the governor said, including the Natomas levee improvement program in Sacramento County.

“I came to Natomas today because it is a perfect example of why we must continue to rebuild levees in California to protect people and economic growth,” he said. “We must do everything we can to protect Californians from dangerous floods that could harm communities, agriculture ,and our water supplies.”

Schwarzenegger continued in the same vein yesterday, visiting an affordable housing project in Palo Alto to announce the distribution of funds from Proposition 1C, a $2.9 billion housing bond voters approved at the same time as Prop 1E.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.