California Proposition 123, Public School Construction Bond Issue (June 1990)
| California Proposition 123 | |
|---|---|
 | |
| Election date June 5, 1990 | |
| Topic Bond issues and Education | |
Status Approved | |
| Type Bond issue | Origin State Legislature |
California Proposition 123 was on the ballot as a bond issue in California on June 5, 1990. It was approved.
A "yes" vote supported authorizing the state to issue $800 million in bonds to fund the construction of public school facilities. |
A "no" vote opposed authorizing the state to issue $800 million in bonds to fund the construction of public school facilities. |
Election results
|
California Proposition 123 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
2,781,973 | 57.52% | ||
| No | 2,054,385 | 42.48% | ||
Text of measure
Ballot title
The ballot title for Proposition 123 was as follows:
| “ | 1990 School Facilities Bond Act | ” |
Ballot summary
The ballot summary for this measure was:
| “ | This act provides for a bond issue of eight hundred million dollars ($800,000,000), to provide capital outlay for construction or improvement of public schools. | ” |
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 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 $1.4 billion to pay off both the principal ($800 million) and interest (about $630 million). The average payment for principal and interest would be about $70 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.
See also
External links
Footnotes
- ↑ University of California, "Voter Guide," accessed July 13, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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