California Proposition 143
, or the Higher Education Facilities Bond Act of 1990
, was on the November 6, 1990 ballot
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.
| Proposition 143|
|Yes|| 3,449,401|| 48.8%|
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.