MANUFACTURERS HONORED; TREASURER DISCUSSES STATE FINANCES IN JACKSON

JACKSON -- Wendell Bailey had some good news for Missourians Wednesday night.

Speaking before a group of Jackson area businessmen, he said the state "saved $17 million Wednesday" by refinancing two series of bonds at lower interest rates.

"We called the bonds and had them re-issued at lower rates," said Bailey, who is Missouri State Treasurer and a candidate for governor.

Bailey was guest speaker at the annual Manufacturers' Appreciation Banquet held at Delmonico's Restaurant here, sponsored by the Jackson Industrial Development Co. to honor industrial and community leaders.

Jim Tyler, president of Jackson Industrial Development Co., spoke briefly before introducing Bailey to the crowd of about 60 people who attended the banquet.

"Manufacturers are at a crossroads," said Tyler. "As manufacturers we have to know where we're going, and we've got to let legislators know what we think and want.

"We have some people out there that are very competitive," added Tyler. "Japan and German manufacturers are vying for dollars, and you can't sell them short. They are gearing their education toward micro-electronics, micro-biology, machine tooling, computers and software. They know where they are going."

Bailey, who followed Tyler to the podium, touched on a number of subjects during his address, including Proposition B, political fundraising, prevailing wage rates, and MO BUCKS for more jobs.

He voiced support for Proposition B, the education bill which calls for tax increases to provide additional funding for the state's elementary and secondary schools and public colleges and universities.

"I support Proposition B," he said. "If we don't pass the education bill, we're sending a signal to legislators that we don't want more money for education."

But Bailey said he hopes that if such a tax measure is approved by voters, the money would go to education and not simply become part of the state's general revenue. In the past, he said, so-called education taxes have raised money that has gone into the general revenue pot.

He mentioned Proposition C and Missouri Lottery funds in particular.

Bailey said that state and other public building projects were costing too much, because of the prevailing wage rates.

"We should do away with prevailing wage rates," he said. "Jefferson City tells what the prevailing rates will be on any state project, and this results in the projects often costing 30 to 40 percent more."

Bailey said he wanted to create jobs in Missouri.

"I'm an optimist," he said. "I want to see people put a pay check in their pocket instead of a welfare check. I want to see people go to work. A key ingredient in improving things in our state is getting people to work."

The MO BUCKS program is designed to help create more jobs.

"Under the program, the state treasurer deposits state funds in Missouri banks at a rate that's 3 percent below the normal deposit rate," said Bailey. "The banks in turn loan the money at low-interest rates to businesses for the creation and retention of jobs."

Bailey also touched on campaign donations, saying he would not accept more than $100 from any one person or group. He expressed his dislike for school busing and HUD's low-incoming housing projects.