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California Proposition 122, Bonds for Seismic Retrofitting (1990)
Proposition 122 was for a $300 million bond issue to provide funds for "the reconstruction, seismic retrofitting, repair, replacement, and relocation of state and local government buildings which are unsafe primarily due to earthquake-related dangers."
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 authorized bonds were sold at an interest rate of 7.5 percent, the cost would be about $535 million to pay off both the principal ($300 million) and interest (about $235 million). The average payment for principal and interest would be about $27 million per year."
Path to the ballot
The California State Legislature voted to put Proposition 122 on the ballot via Senate Bill 1250 (Statutes of 1990, Ch. 23).