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California Proposition 123, Public School Construction Bonds (1990)

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California Proposition 123 was on the June 5, 1990 ballot in California as an legislatively-referred bond act, where it was approved.

Proposition 123 provided for a bond issue of $800 million for public school construction and facilities improvements.

Election results

Proposition 123
ResultVotesPercentage
Approveda Yes 2,781,973 57.52%
No2,054,38542.48%

Fiscal impact

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 would make 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 $1.4 billion to pay off both the principal ($800 million) and interest (about $630 million). The average payment for principal and interest would be about $70 million per year."

Path to the ballot

The California State Legislature voted to put Proposition 123 on the ballot via Senate Bill 173 (Statutes of 1990, Ch. 24).

External links