Official Summary
Authorizes $9 billion in general obligation bonds: $3 billion for new construction, $3 billion for modernization of of K-12 public school facilities, $500 million for charter schools,$500 million for vocational education facilities, $2 billion for Community Colleges facilities.
Fiscal Impact: State costs of about $17.6 billion to pay off both the principal ($9 billion) and interest ($8.6 billion) on the bonds. Payments of about $500 million per year for 35 years.
- Official CA Voter Guide Summary
- Legislative Analyst Office Analysis
- Show Me The Money (as of Oct 22)
- support: $12,000,000
- oppose: $0
- Ballotpedia Summary
Notes
- project monies taken from new 2016 State Schools Facilities Fund and 2016 California Community College Capital Outlay Bond Fund
- appropriates money from the general fund to pay off bonds
- items using Community College money must have average useful life of 10 years, seismic retrofitting given priority
- last state facility bond in 2006; today the state has virtually no remaining funding from previous school/community college bonds
- new construction: state funding 50%, local funding 50%
- modernization projects: state funding 60%, local funding 40%
- modernization projects for charter/tech ed schools: state funding 50%, local funding 50%