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California Proposition 121, Higher Education Facilities Bond Issue (June 1990)
| California Proposition 121 | |
|---|---|
 | |
| Election date June 5, 1990 | |
| Topic Bond issues and Education | |
Status Approved | |
| Type Bond issue | Origin State Legislature |
California Proposition 121 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 for the construction of higher education facilities. |
A "no" vote opposed authorizing the issuance of $450 million in bonds for the construction of higher education facilities. |
Election results
|
California Proposition 121 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
2,687,831 | 55.04% | ||
| No | 2,195,888 | 44.96% | ||
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- Results are officially certified.
- Source
Text of measure
Ballot title
The ballot title for Proposition 121 was as follows:
| “ | Higher Education Facilities Bond Act of June 1990 | ” |
Ballot summary
The ballot summary for this measure was:
| “ | This act provides for a bond issue of four hundred fifty million dollars ($450,000,000) to provide funds for the construction or improvement of facilities of California's public higher education institutions, which include the University of California's nine campuses, the California State University's 20 campuses, the 71 districts of the California Community Colleges, the Hastings College of the Law, the California Maritime Academy, and off-campus facilities of the California State University approved by the Trustees of the California State University on or before July 1, 1990. The use of funds authorized under this act includes, but is not necessarily limited to, the construction or improvement of classrooms, laboratories, and libraries, and the implementation of earthquake and other health or safety improvements. | ” |
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 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 $805 million to pay off both the principal ($450 million) and interest (about $355 million). The average payment for principal and interest would be about $40 million per year.
Paying Off Loans to Community Colleges. This measure requires that any General Fund money loaned to community colleges be repaid from future state's tidelands oil revenues or from money received from the sale of these bonds.[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 121 on the ballot via Senate Bill 147 (Statutes of 1989, Ch. 6).
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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State of California Sacramento (capital) |
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