California Proposition 108, Passenger Rail Bond Measure (June 1990)

California Proposition 108
Election date June 5, 1990
Topic Bond issues and Transportation
Status a Approved
Type Bond issue	Origin State Legislature

California Proposition 108 was on the ballot as a bond issue in California on June 5, 1990. It was approved.

A "yes" vote supported issuing $1 billion in bonds for passenger rail transportation projects.

A "no" vote opposed issuing $1 billion in bonds for passenger rail transportation projects.

Election results

California Proposition 108
Result		Votes	Percentage
Yes		2,795,092	56.28%
No		2,170,876	43.72%

Results are officially certified.

Source

Text of measure

Ballot title

The ballot title for Proposition 108 was as follows:

“

Passenger Rail and Clean Air Bond Act of 1990

”

Ballot summary

The ballot summary for this measure was:

“

This act provides for a bond issue of one billion dollars ($1,000,000,000) to provide funds for acquisition of rights-of-way, capital expenditures, and acquisitions of rolling stock for intercity rail, commuter rail, and rail transit programs. Appropriates money from state General Fund to pay off bonds. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: If all authorized bonds are sold at 7.5 percent and paid over the typical 20 year period, the General Fund will incur about $1.8 billion to pay off bond principal ($1 billion) and interest ($790 million). The estimated annual cost of bond principal and interest is $90 million.

”

Full Text

The full text of this measure is available here.

Fiscal impact

The fiscal estimate provided by the California Legislative Analyst's Office said:

“

The fiscal effect of this measure would depend on whether voters approve Proposition 111, The Traffic Congestion Relief and Spending Limitation Act of 1990. If Proposition 111 is approved by voters at this election, the passage of this measure would result in the following fiscal effect: Direct Costs of Paying Off the Bonds. For these types of bonds, the state typically makes 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 7.5 percent, the cost would be about $1.8 billion to pay off both the principal ($1 billion) and interest ($790 million). The average payment for principal and interest would be about $90 million per year. If Proposition 111 is not approved, this measure would not take effect and, consequently, it would have no fiscal effect.

”

Path to the ballot

A simple majority vote was needed in each chamber of the California State Legislature to refer the measure to the ballot for voter consideration. The California State Legislature voted to put Proposition 108 on the ballot in Assembly Bill 973 (Statutes of 1989, Ch. 108).

See also

1990 Measures

• 1990 Measures
• Transportation on the ballot
• Bond issues on the ballot
• 1990 legislative sessions

California

• California ballot measures
• California ballot measure laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls

External links

• Full text of Proposition 108
• California 1990 Primary Election Voter Guide