California Proposition 82, Water Conservation Bond Law (1988)
Proposition 82 authorized a bond issue of $60 million to provide funds for a local water projects assistance program, water conservation programs, and groundwater recharge facilities.
Text of measure
The ballot title was:
The official summary said:
- "This act provides for a bond issue of sixty million dollars ($60,000,000) to provide funds for a local water projects assistance program, water conservation programs, and groundwater recharge facilities."
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:
- Net Cost of Paying Off the Bonds. The bonds authorized by this measure probably would be paid off over a period of about 20 years, and would be a responsibility of the state's General Fund. The total cost of the bonds would be about $118 million, consisting of $60 million for principal and $58 million for interest.
- However, because the loans would be repaid (with a subsidized rate of interest), the net state cost would be about $24 million, or an average of about $1.2 million per year. (The net state cost would consist of $21 million for the interest rate subsidy on the loans, and $3 million for administrative and legal costs and related interest payments on the bonds.)
- This estimate assumes that all of the bonds would be sold at an average interest rate of 7.5 percent, and both the bonds and the loans would be paid off over the same 20-year period.
- Borrowing Costs for Other Bonds. By increasing the amount which the state borrows, this measure may cause the state and local governments to pay more interest under other bond programs. These higher interest costs cannot be estimated.
- State Revenues. The people who buy these bonds are not required to pay state income tax on the interest they earn. Therefore, if California taxpayers buy these bonds instead of making taxable investments, the state would collect less income taxes. This loss of revenue cannot be estimated.
Path to the ballot
The California State Legislature voted to put Proposition 82 on the ballot via Assembly Bill 1715 (Statutes of 1988, Ch. 46), as amended by Assembly Bill 1720 (Statutes of 1988, Ch. 297).
|Votes in legislature to refer to ballot|
- PDF of the November 8, 1988 ballot proposition voter guide
- California Law Library, November 8, 1988 ballot propositions
- Hastings California I&R database
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