That will put three major construction projects on hold in the Fresno and Clovis area. Among them ... roadway projects like improvements to Shaw and Clovis Avenues, and the Highway 180 extension from Clovis to Temperance Avenues.
The state sells bonds to pay for the construction of public works projects, then pays back the bond holders using taxes collected after the projects are complete. Without a balanced budget, State Treasurer Bill Lockyer says investors aren't willing to buy such bonds.
State Finance Director Mike Genest said, "Well it's very disturbing. It's really kind of a sad day, that we have to shut down these big projects. These are important for the future of the state, but when you don't have the money, you don't have the money."
State Controller John Chiang says the board will meet again in two weeks. If the legislature has revised the budget by then, it can re-start the bond sale process.
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