California Proposition 203
, also known as the Public Education Facilities Bond Act of 1996
, was on the March 26, 1996 primary election ballot
as a legislatively-referred bond act
, where it was approved.
Proposition 203 authorized the State of California to sell $3 billion in bonds to provide funds for school facility improvement programs.
| Proposition 203|
| Yes|| 3,542,816|| 61.95%|
Text of measure
The official ballot summary that appeared on the ballot said:
- This act provides for a bond issue of three billion dollars ($3,000,000,000) to provide funds for school facility improvement programs.
- Earmarks $2.025 billion for primary and secondary schools, and $975 million for higher education.
- Appropriates money from General Fund to pay off bonds.
Estimated fiscal impact
The California Legislative Analyst's Office provided an estimate of net state and local government fiscal impact for Proposition 203. That estimate was:
- State General Fund cost of about $5.2 billion to pay off both the principal ($3 billion) and interest ($2.2 billion) on the bonds.
- The average payment for principal and interest over 25 years would be about $208 million per year.