California Proposition 152, Bonds for Public Schools (1992)
Proposition 152 provided for a bond issue of $1.9 billion to provide capital outlay for construction or improvement of public schools.
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 percent, the cost would be about $3.3 billion to pay off both the principal ($1.9 billion) and interest (about $1.4 billion). The average payment for principal and interest would be about $165 million per year.
Path to the ballot
The California State Legislature voted to put Proposition 155 on the ballot in Assembly Bill 880 (Statutes of 1992, Chapter 12).
- June 2, 1992 Official Voter Guide
- Hastings California I&R database
- Statement of vote, California June 2, 1992 statewide elections
- Los Angeles Law Library, 1992 ballot propositions