Los Angeles County Economic Development Corporation (LAEDC) Applauds Governor’s Executive Order

LOS ANGELES — Governor Arnold Schwarzenegger announced on Wednesday an executive order to ensure that California’s infrastructure bond funds are spent efficiently by California state government. The order directs state agencies to institute a three-part accountability structure to ensure transparency in the process of disbursing the bond proceeds in the coming years.

The Los Angeles County Economic Development Corporation (LAEDC) announced its support and approval for the Governor’s executive order. LAEDC president and CEO Bill Allen pointed out the extraordinary demonstration of faith placed by California voters in their state government when they voted to approve more than $43 billion in bonds to make long needed improvements in our state infrastructure.

“California voters made clear in November their desire to see the state address long neglected parts of our state infrastructure and they will be watching to see that their funds are spent fairly, prudently, and quickly,” said Allen. “Because our future economy and our quality of life in California depend directly on how wisely our state government spends these funds, we applaud the Governor for opening up the process for the people of California to follow exactly how their money will be spent. This is a necessary first step in building on the trust that the voters have shown their leaders in this state.”

In regards to California’s congestion and pollution issues Allen also said, “Though this executive order by the Governor well addresses the public’s need for accountability in this process, we also hope and trust that the Governor will consider equally bold steps to ensure timely delivery of these projects to a public that is growing impatient for relief, especially from the congestion and pollution on their roads and highways.”

About LAEDC:
The LAEDC’s Business Assistance Program has saved or created more than 124,000 direct jobs in Los Angeles County, with an economic value of more than $3.5 billion annually, and generating more than $200 million annually in tax revenues for State and local government and schools. The Economic Information Program, headed by Chief Economist Jack Kyser, has become the State’s most respected source of economic insight and trends. The Economic and Policy Consulting Group, headed by Wally Baker, has become a sought-after resource for major land-use and infrastructure projects in Southern California. The LAEDC’s financial strength, nearing $30 million, assures its ability to continue to provide the region with critical economic development strategy assistance and leadership with the challenges and opportunities that lie ahead.

# # #

Editors: For media interviews please call: George McQuade at 818-340-5300 or 818.618.9226.