California Proposition 55 (2004)

From Ballotpedia

California Proposition 55, or the Kindergarten-University Public Education Facilities Bond Act of 2004 was on the March 2, 2004 ballot in California as a legislatively-referred state statute, where it was narrowly approved.

• 3,239,706 (50.9%)
• 3,130,921 (49.1%)

The ballot question asked was, "Should the state sell twelve billion three hundred million dollars ($12,300,000,000) in general obligation bonds for construction and renovation of K-12 school facilities and higher education facilities?"

Fiscal impact estimate

The California Legislative Analyst's Office provided an estimate of net state and local government fiscal impact for Proposition 55. That estimate was:

"The cost of these bonds would depend on their interest rates and the time period over which they are repaid. If the $12.3 billion in bonds authorized by this proposition is sold at an interest rate of 5.25 percent (the current rate for this type of bond) and repaid over 30 years, the cost over the period would be about $24.7 billion to pay off both the principal ($12.3 billion) and interest ($12.4 billion). The average payment for principal and interest would be about $823 million per year."

Campaign

Over $13.9 million was spent in favor of the measure, while there was no committee opposing it.

Five separate organizations spent money to pass Proposition 55:

• "Yes on 55, Californians for Accountability & Better Schools": $10,199,505. The major donor to this group was the California Teachers Association, which gave it $5,050,552.
• "California Building Industry Association Issues PAC": $1,286,264
• "Californians for Higher Education Yes on 55": $1,284,929
• "Coalition for Adequate School Housing Issues Committee Yes on 55": $856,897
• "Community College Facility Coalition Issues Committee Yes on 55": $338,925

Path to the ballot

Proposition 55 was voted onto the ballot by the California State Legislature via Assembly Bill 16 of the 2001-2002 Regular Session (Chapter 33, Statues of 2002).

Chamber	Ayes	Noes
Assembly	71	8
Senate	27	11

See also

• California 2004 ballot propositions

External links

• Official Voter Guide with text of Proposition 55
• LAO analysis of Proposition 55
• Smart Voter on Proposition 55
• California Taxpayer Protection Committee This group opposed the measure.
• Campaign finance details
• March 2, 2004 ballot proposition election results

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