California Proposition 153, Construction Bonds for Higher Education (1992)
Proposition 153 authorized a bond issue of $900 million to fund the construction or improvement of California's public college and university facilities. According to the text, authorized projects for the 138 public campuses were to include, but not be limited to, earthquake and other health safety improvements, modernization of laboratories to keep up with scientific advances, and construction of classrooms and libraries.
The fiscal estimate provided by the California Legislative Analyst's Office said:
- For these types of bonds, the state typically makes 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 percent, the cost would be about $1.56 billion to pay off both the principal ($900 million) and interest (about $660 million). The average payment for principal and interest would be about $78 million per year.
Path to the ballot
The California State Legislature voted to put Proposition 153 on the ballot in Senate Bill 119 (Statutes of 1992, Chapter 13).
- June 2, 1992 Official Voter Guide
- Hastings California I&R database
- Statement of vote, California June 2, 1992 statewide elections
- Los Angeles Law Library, 1992 ballot propositions