California Proposition 50, Bonds for Water Projects (2002)
Proposition 50 approved issuing $3.4 billion in general obligation bonds for water projects.
Text of measure
The ballot title was:
Proposition 50 asked the question:
- "Should the state borrow three billion four hundred forty million dollars ($3,440,000,000) through the sale of general obligation bonds for a variety of water projects including coastal protection, the CALFED Bay-Delta Program, integrated regional water management, safe drinking water, and water quality?"
The ballot summary said:
- "Authorizes $3,440,000,000 general obligation bonds, to be repaid from state's General Fund, to fund a variety of water projects including: specified CALFED Bay-Delta Program projects including urban and agricultural water use efficiency projects; grants and loans to reduce Colorado River water use; purchasing, protecting and restoring coastal wetlands near urban areas; competitive grants for water management and water quality improvement projects; development of river parkways; improved security for state, local and regional water systems; and grants for desalination and drinking water disinfecting projects."
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:
- State costs to repay the bonds, which, if the bonds were issued with a maturity of 25 years, would equal approximately $5.7 billion to pay principal ($3.44 billion) and interest ($2.24 billion), with payments of approximately $227 million per year.
- Reduction in local property tax revenues, ranging from a few million dollars to roughly $10 million annually, about one-half of which would be offset by state payments to schools to make up their revenue loss.
- Unknown costs to state and local governments to operate or maintain properties or projects purchased or developed with these bond funds.
- Official Voter Guide to the November 5 ballot propositions
- Analysis of Proposition 50 by the LAO
- Smart Voter information about Prop 50
- Official declaration of the November 5, 2002 vote
- Top Ten Donors to Proposition 50