California Proposition 120, Prison Construction Bonds (1990)

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California Proposition 120 was on the June 5, 1990 ballot in California as an legislatively-referred bond act, where it was approved.

Proposition 120 provided for a bond issue of $450 million for prison construction and Youth Authority facility funds.

Election results

Proposition 120
Approveda Yes 2,714,145 55.98%

Fiscal impact

The fiscal estimate provided by the California Legislative Analyst's Office said:

"Direct Cost of Paying Off the Bonds. For these types of bonds, the state typically would make principal and interest payments from the state's General Fund over a period of about 20 years. If all of the bonds authorized by this measure are sold at an interest rate of 7.5 percent, the cost would be about $805 million to pay off the principal ($450 million) and interest ($355 million). The average payment would be about $40 million per year."

Path to the ballot

The California State Legislature voted to put Proposition 120 on the ballot via Senate Bill 842 (Statutes of 1989, Ch. 5).

External links