California Proposition 56, Public Higher Education Bond Measure (1986)
| California Proposition 56 | |
|---|---|
 | |
| Election date November 4, 1986 | |
| Topic Bond issues and Education | |
Status Approved | |
| Type Bond issue | Origin State Legislature |
California Proposition 56 was on the ballot as a bond issue in California on November 4, 1986. It was approved.
A "yes" vote supported authorizing the state to issue $400 million in bonds for construction or improvement of facilities at California's public higher education institutions, including the University of California's nine campuses, California State University's 19 campuses, California Community College's 106 campuses, and the California Maritime Academy. |
A "no" vote opposed authorizing the state to issue $400 million in bonds for construction or improvement of facilities at California's public higher education institutions, including the University of California's nine campuses, California State University's 19 campuses, California Community College's 106 campuses, and the California Maritime Academy. |
Election results
|
California Proposition 56 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
4,038,085 | 59.48% | ||
| No | 2,751,378 | 40.52% | ||
Text of measure
Ballot title
The ballot title for Proposition 56 was as follows:
| “ | Higher Education Facilities Bond Act of 1986 | ” |
Ballot summary
The ballot summary for this measure was:
| “ | This act provides for a bond issue of four hundred million dollars ($400,000,000) to provide capital for construction or improvement of facilities at California's public higher education institutions, including the University of California's nine campuses, the California State University's 19 campuses, the California Community College's 106 campuses, and the California Maritime Academy, to be sold at a rate not to exceed two hundred fifty million dollars ($250,000,000) per year. | ” |
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]
| “ |
Paying Off the Bonds. For these types of bonds the state typically would make principal and interest payments over a period of up to 20 years from the state's General Fund. The average payment would be about $35 million each year if the bonds were sold at an interest rate of 7 percent. Borrowing Costs for Other Bonds. By increasing the amount which the state borrows, this measure may cause the state and local governments to pay more under other bond programs. These costs cannot be estimated. 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 taxable investments, the state would collect less taxes. This loss of revenue cannot be estimated. Paying Off Loans to Community Colleges. This measure appropriates future revenue from the state's tidelands oil to replace any bond money lent to the community colleges. The amount required for this purpose would depend on the amount of money lent to the community colleges.[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 August 26, 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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