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California Proposition 149, Parks and Recreation Bond Act (1990)
If Proposition 149 had passed, it would have authorized the State of California to sell a $437 million bond, incurring that degree of debt, to provide funds for "acquiring, developing, rehabilitating, or restoring real property for state and local park, beach, recreation, greenbelt, wildland fire protection, coastal, historic, or museum purposes."
The fiscal estimate provided by the California Legislative Analyst's Office said:
- Direct Costs 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. Assuming all of the authorized bonds are sold at an interest rate of 7.5 percent, the cost would be about $780 million to pay off both the principal ($437 million) and interest (about $343 million). The average payment for principal and interest would be about $33 million per year.
- Operational Costs. The state and local governments that buy or improve property with these bond funds will incur additional costs to operate or manage these properties. These costs may be offset partly by revenues from those properties, such as entrance fees. The net additional costs cannot be estimated.
Path to the ballot
The California State Legislature voted to put Proposition 149 on the ballot with Assembly Bill 145 (Statutes of 1990, Ch. 920) in accordance with the provisions of Article XVI of the California Constitution.
- Hastings California I&R database
- Los Angeles Law Library, 1990 ballot propositions (dead link)
- November 1990 election results (pages 9-10)