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California Proposition 121, Bonds for Higher Education Facilities (1990)
Proposition 121 approved a $450 million bond issue for the state's higher education campuses.
Prop 121's ballot summary said, "This act provides for a bond issue of four hundred fifty million dollars ($450,000,000) to provide funds for the construction or improvement of facilities of California's public higher education institutions, which include the University of California's nine campuses, the California State University's 20 campuses, the 71 districts of the California Community Colleges, the Hastings College of the Law, the California Maritime Academy, and off-campus facilities of the California State University approved by the Trustees of the California State University on or before July 1, 1990. The use of funds authorized under this act includes, but is not necessarily limited to, the construction or improvement of classrooms, laboratories, and libraries, and the implementation of earthquake and other health or safety improvements."
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 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 7.5 percent, the cost would be about $805 million to pay off both the principal ($450 million) and interest (about $355 million). The average payment for principal and interest would be about $40 million per year."
- "Paying Off Loans to Community Colleges. This measure requires that any General Fund money loaned to community colleges be repaid from future state's tidelands oil revenues or from money received from the sale of these bonds."
Path to the ballot
The California State Legislature voted to put Proposition 121 on the ballot via Senate Bill 147 (Statutes of 1989, Ch. 6).