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3. Discuss the importance at the state and local levels of government of an annual examination of capital investments such as infrastructure in the

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3. Discuss the importance at the state and local levels of government of an annual examination of capital investments such as infrastructure in the context of a thorough capital investment planning process. Include in the discussion the differences between how state and local capital investments are financed and how that impacts on voters' reactions to the capital budget. (5 points)

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