California Proposition 86, Bonds for County Correctional Facilities (1988)
Proposition 86 authorized a bond issue of $500 million to provide funds for the construction, reconstruction, remodeling, replacement, and deferred maintenance of county correctional facilities and county juvenile facilities and to provide funds to youth centers and youth shelters.
Text of measure
The ballot title was:
The official summary said:
- "This act provides for a bond issue of five hundred million dollars ($500,000,000) to provide funds for the construction, reconstruction, remodeling, replacement, and deferred maintenance of county correctional facilities and county juvenile facilities and to provide funds to youth centers and youth shelters."
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:
- Direct Cost of Paying Off the Bonds. The state would make principal and interest payments on these bonds from the state's General Fund over a period of about 20 years. Assuming that all of the bonds were sold at an interest rate of 7.5 percent, the cost would be about $900 million to pay off the principal ($500 million) and interest ($400 million). The average payment for principal and interest would be about $40 million per year.
- Borrowing Costs for Other Bonds. By increasing the amount that the state borrows, this measure may cause the state and local governments to pay more under other bond programs. These costs cannot be estimated.
- Lower State Revenues. The people who buy these bonds are not required to pay state income tax on the interest they earn. Therefore, if California taxpayers buy these bonds instead of making other taxable investments, the state would collect less taxes. This loss of revenue cannot be estimated.
Path to the ballot
The California State Legislature voted to put Proposition 86 on the ballot via Senate Bill 1664 (Statutes of 1988, Ch. 264).
|Votes in legislature to refer to ballot|
- PDF of the November 8, 1988 ballot proposition voter guide
- California Law Library, November 8, 1988 ballot propositions
- Hastings California I&R database
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