Previewing what Election Day in Arizona could mean for bonds … school bonds.
Legislature approves gold, silver as legal tender
A bill to allow Arizonans to pay for goods and services with gold and silver is headed to Governor Brewer. From Phoenix, KJZZ’s Mark Brodie reports.
The state Senate gave the measure its final approval Tuesday, on a near party-line, 18-10 vote. The House had OK’d the bill in early April.
It would make gold and silver legal tender in Arizona, but would not require any businesses to accept either of them as a form of payment – the state Department of Revenue would also not be required to accept either as payment of state income taxes.
Critics argue the bill would be a nightmare to implement and would cause problems for businesses. But supporters worry about the value of the dollar, and say the bill reflects a growing distrust of government-backed money.
Once she gets the bill, the governor will have five days to sign it, veto it or let it become law without her signature.