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California Proposition 143, Higher Education Facilities Bond Act (1990)
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.
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.
- Hastings California I&R database
- Los Angeles Law Library, 1990 ballot propositions (dead link)
- November 1990 election results (pages 9-10)