For the ballot referendums that were rejected, economic uncertainty may have played a role, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. Since the equity markets are doing well, some believe the economy is doing well. However, there is a growing number of people who aren’t positively impacted by what’s happening in the equity market, giving rise to more economic uncertainty than some believe, he said.

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