California Proposition 47, Bonds for School Construction (2002)
Proposition 47 approved issuing $13.05 billion in general obligation bonds for K-12 school construction.
Text of measure
The ballot title was:
Proposition 47 asked the question:
- "Should the state sell thirteen billion fifty million dollars ($13,050,000,000) in general obligation bonds for construction and renovation of K-12 school facilities and higher education facilities?"
The ballot summary said:
- "This thirteen billion fifty million dollar ($13,050,000,000) bond issue will provide funding for necessary education facilities to relieve overcrowding and to repair older schools. Funds will be targeted to areas of the greatest need and must be spent according to strict accountability measures. Funds will also be used to upgrade and build new classrooms in the California Community Colleges, the California State University, and the University of California, to provide adequate higher education facilities to accommodate the growing student enrollment. These bonds may be used only for eligible projects."
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:
- "State cost of about $26.2 billion over 30 years to pay off both the principal ($13.05 billion) and interest ($13.15 billion) costs on the bonds. Payments of about $873 million per year."
Path to the ballot
Proposition 47 was voted onto the ballot by the California State Legislature by Assembly Bill 16 of the 2001–2002 Regular Session (Chapter 33, Statutes of 2002).
|Votes in legislature to refer to ballot|
- Official Voter Guide to the November 5 ballot propositions
- Analysis of Proposition 47 by the LAO
- Smart Voter information about Prop 47
- Voters face largest school bond in history
- Official declaration of the November 5, 2002 vote
- Top Ten Donors to Proposition 47