Page 15


On the only river in town. Now open until midnight, seven days a week. Shrimp , oysters, crab AND fish, with fabulous drinks and cheesecake. 11:30 AM until 11:30 PM,with limited menu until midnight. All major credit cards 512 Riverwalk, San Antonio, Texas. 14 The Texas Observer Austin Who’s paying for the Texas Water Plan and how much will it cost? The answers were uncertain last week as controversy arose among state officials as to exactly how the Texas Water Development Fund worksand how much money is really available for water projects in the state. Present and former funds managers for the contend that the $400 million fund will draw a surplus of up to $150 million from the general revenue fund of the state, which can then be spent on more water projects. Not so, says House Speaker Billy Clayton. He contends that the water fund cannot generate a surplus, or if it can, it wasn’t the Legislature’s intent. The question is important to both sides in McHam is a legislative aide to State Rep. Senfronia Thompson. the fight over authorization of $400 million additional bonds for the Texas Water Development Board. Voters will decide on that authorization in November. If the board already has an additional $150 million at its disposal, its need for the new bonds is certainly not -nearly as great as supporters claim. However the question is resolved, it highlights a criticism made by the bond opponents: water finance baffles understanding. Austin attorney Stuart Henry of Citizens Against Water Taxes put it this way: “Anything that’s that difficult to understandthere’s got to be something wrong with it.” Here is how the water fund works: the TWDB borrows money to lend money. It incurs expenses on the money it borrows from big investors, and gains income from the money it lends to small communities. When expenses are greater than income, the difference is paid from the general reveWater finance confusing Does fund revolve? By Ken McHam What does Jimmy Carter re fi ll about Lloyd Bentsen? “I don’t think Bentsen likes to work. He goes to a few very small receptions that are held for very wealthy people, most of whom are Republicans. And he will very quietly slip out of the community with out making any sort of effort to reach the political consciousness of the community.” Jimmy Carter, Atlanta Constitution, Aug. 4, 1975 Join Democrats for Steelman Write P.O. Box 19374, Dallas, Texas 75219 Paid for by Democrats for Steelman, P.O. Box 19374, Dallas, Texas 75219