I am writing to respond to the Daily Bulletin's editorial of Feb. 22 opposing Proposition 55 -- the $12.3 billion bond measure to repair and build schools for California's future.

As state treasurer and California's chief investment officer, I strongly support Proposition 55.

It is a prudent investment that will help ensure first-class schools for our children and continued excellence at our state and community colleges and our universities.

Proposition 55 represents a fiscally responsible use of our bonding authority -- financing the educational facilities that will contribute to California's long-term economic strength and competitiveness in the global economy.

The need for Proposition 55 is great.

California has the third most overcrowded classrooms in the nation and approximately one million children attend schools with bathrooms that do not work.

Even with the passage of Proposition 55, the state will still face a gap of nearly $5 billion to meet its projected K-12 school facility needs over the next five years.

Proposition 55 is an investment which we can afford and which our children deserve.

PHIL ANGELIDES
State treasurer