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California Proposition 143, Higher Education Facilities Bond Act (1990)

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California Proposition 143, or the Higher Education Facilities Bond Act of 1990, was on the November 6, 1990 ballot in California as a legislatively-referred bond act, where it was defeated.

If Proposition 143 had been approved, it would have authorized the issuance of $450 million in general obligation bonds for the construction or improvement of facilities of California's public higher education institutions.

Election results

Proposition 143
Defeatedd No3,619,45751.2%
Yes 3,449,401 48.8%

Fiscal impact

The fiscal estimate provided by the California Legislative Analyst's Office said:

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 $34 million per year.

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