California Proposition 57, Bonds for State Government's Deficit Measure (March 2004)

California Proposition 57
Election date March 2, 2004
Topic Bond issues
Status a Approved
Type Bond issue	Origin State Legislature

California Proposition 57 was on the ballot as a bond issue in California on March 2, 2004. It was approved.

A "yes" vote supported this bond measure to issue $15 billion to finance California's budget deficit.

A "no" vote opposed this bond measure to issue $15 billion to finance California's budget deficit.

Overview

Proposition 57 authorized the state to issue $15 billion in general obligation bonds to finance accumulated deficits. Proposition 57 was contingent on the passage of Proposition 58, which also passed.

Gov. Arnold Schwarzenegger supported Proposition 57 as part of his plan to address budget-related issues in California.

Election results

California Proposition 57
Result		Votes	Percentage
Yes		4,056,313	63.33%
No		2,348,910	36.67%

Results are officially certified.

Source

Text of measure

Ballot title

The ballot title for Proposition 57 was as follows:

“

The Economic Recovery Bond Act.

”

Ballot summary

The ballot summary for this measure was:

“

A one time Economic Recovery Bond of up to fifteen billion dollars ($15,000,000,000) to pay off the state's accumulated General Fund deficit as of June 30, 2004. The Economic Recovery Bond will only be issued if the California Balanced Budget Act is also approved by the voters. The bonds will be secured by existing tax revenues and by other revenues that could be deposited in a special fund.

”

Fiscal impact statement

The fiscal impact statement was as follows:

“

One-time increase, compared to a previously authorized bond, of up to $4 billion to reduce the state's budget shortfall. Annual debt-service savings over the next few years. Above effects offset in subsequent years by higher annual debt-service costs due to this bond's larger size and the longer time period for its repayment.

”

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.

Proposition 57 was voted onto the ballot by the California State Legislature via ABX5 9.

Votes in legislature to refer to ballot
Chamber	Ayes	Noes
Assembly	65	13
Senate	27	12

See also

2004 Measures

• 2004 Measures
• State and local government budgets on the ballot
• spending on the ballot
• and finance on the ballot
• Bond issues on the ballot
• 2004 legislative sessions

California

• California ballot measures
• California ballot measure laws

News and analysis

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

External links

• Voter Information Guide