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California Proposition 146, School Facilities Bond Act (1990)
Proposition 146 authorized the state of California to sell $800 million in general obligation bonds to pay for:
- The construction, reconstruction, or modernization of elementary and secondary school buildings under the State School Building Lease-Purchase Program.
- Other school facility projects.
General obligation bonds are backed by the state, meaning that the state is obligated to pay the principal and interest costs on these bonds. General Fund revenues would be used to pay these costs. These revenues come primarily from the state personal income and corporate taxes and the state sales tax.
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 $60 million per year.
- Hastings California I&R database
- Los Angeles Law Library, 1990 ballot propositions (dead link)
- November 1990 election results (pages 9-10)