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To the editor:
With the coming elections in November, there are some very important decisions to be made by the taxpayers in the State of Virginia. In addition to the local bond referenda, there are four proposed state constitutional amendments which have received scant publicity but which will have far-reaching effects for every citizen in the Commonwealth.
Amendment 1 authorizes a lower tax on personal property belonging to persons 65 and over and for those persons who are permanently and totally disabled. Amendment 2 proposes that proceeds from property seized and forfeited to the Commonwealth for drug law violations be used to promote law enforcement. These are excellent and we hope they will be easily adopted. However, 3 and 4 are a different matter entirely.
Amendment 3 gives blanket long-term authority to local Boards of Supervisors to sell “Pledge Bonds.” Pledge bonds are bonds which will be repaid or “pledged” with future tax dollars for transportation purposes. While the concept may or may not be debated, the real kicker here is that it permits the issuance of these bonds exempt from voter approval requirements and municipal debt limits. At present, the board must come to the voters to seek approval for any bond issuance. Amendment 3 would issue a new credit card and give localities a blank check.
Amendment 4 is authorizing a new category of state debt for transportation purposes. Unlike 3, there are certain controls built in, but it eliminates the input or the will of the
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