California Proposition 60A, Surplus Government Property Sold to Lower Deficit (2004)
Proposition 60A directed funds collected from the sale of surplus government property toward repaying the $15,000,000,000 in bonds authorized by the passage of Proposition 57 in March 2004. It was approved for the ballot by the California Assembly by a vote of 55-21 and by the California State Senate by a vote of 28-3.
The proposition was originally contained as part of Proposition 60 on the same ballot. Proposition 60 was challenged in court on the grounds that it violated the California Constitution's single-subject rule. In the case Californians for an Open Primary v. Shelley, petitioners wanted to remove the measure from the ballot altogether. On July 30, 2004, the California Third District Court of Appeal decided to allow Proposition 60 to remain on the ballot, but it ordered it to be split into two separate propositions. The surplus property provision was thus separated into Proposition 60A.
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| Section 9:
The proceeds from the sale of surplus state property occurring on or after the effective date of this section, and any proceeds from the previous sale of surplus state property that have not been expended or encumbered as of that date, shall be used to pay the principal and interest on bonds issued pursuant to the Economic Recovery Bond Act authorized at the March 2, 2004, statewide primary election. Once the principal and interest on those bonds are fully paid, the proceeds from the sale of surplus state property shall be deposited into the Special Fund for Economic Uncertainties, or any successor fund. For purposes of this section, surplus state property does not include property purchased with revenues described in Article XIX or any other special fund moneys.
Text of measure
The ballot title was:
The question on the ballot was:
- "Shall the sale proceeds of most surplus state property pay off specified bonds?"
- Dedicates proceeds from sale of surplus state property purchased with General Fund monies to payment of principal, interest on Economic Recovery Bonds approved in March 2004. When those bonds are repaid, surplus property sales proceeds directed to Special Fund For Economic Uncertainties.
- See also: Fiscal impact statement
The California Legislative Analyst's Office provided an estimate of net state and local government fiscal impact for Proposition 60A. That estimate was:
- Net savings over the longer term-potentially low tens of millions of dollars-from accelerated repayment of existing bonds.
According to Cal-Access, no committees were formed to support or defeat Proposition 60A.
Path to the ballot
Proposition 60A was voted onto the ballot by the California State Legislature via Senate Constitutional Amendment 18 of the 2003–2004 Regular Session (Resolution Chapter 103, Statutes of 2004).
|Votes in legislature to refer to ballot|
- LAO analysis of Proposition 60A
- Official Voter Information Guide with text of Proposition 60A
- November 2004 election results from the California Secretary of State
- Guide to Proposition 60A from the California Voter Foundation
- Analysis of Proposition 60A (dead link) from the Institute of Governmental Studies
- PDF of the mailed November 2, 2004 voter guide for Propositions 59, 60, 60A, 61-64, 66-72