California Proposition 120, Prison Construction Bond Issue (June 1990)
| California Proposition 120 | |
|---|---|
 | |
| Election date June 5, 1990 | |
| Topic Bond issues and Prisons | |
Status Approved | |
| Type Bond issue | Origin State Legislature |
California Proposition 120 was on the ballot as a bond issue in California on June 5, 1990. It was approved.
A "yes" vote supported authorizing the issuance of $450 million in bonds to fund prison construction. |
A "no" vote opposed authorizing the issuance of $450 million in bonds to fund prison construction. |
Election results
|
California Proposition 120 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
2,714,145 | 55.98% | ||
| No | 2,133,995 | 44.02% | ||
Text of measure
Ballot title
The ballot title for Proposition 120 was as follows:
| “ | New Prison Construction Bond Act of 1990. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | This act provides for a bond issue of four hundred fifty million dollars ($450 million) to provide funds to relieve overcrowding in the state's prison and the Youth Authority facilities through new construction. | ” |
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:[1]
| “ | Direct Cost of Paying Off the Bonds. For these types of bonds, the state typically would make 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 $805 million to pay off the principal ($450 million) and interest ($355 million). The average payment would be about $40 million per year.[2] | ” |
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 120 on the ballot via Senate Bill 842 (Statutes of 1989, Ch. 5).
See also
External links
Footnotes
- ↑ University of California, "Voter Guide," accessed July 12, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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