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

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California Proposition 57
Flag of California.png
Election date
March 2, 2004
Topic
Bond issues
Status
Approveda 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.[1]

Election results

California Proposition 57

Result Votes Percentage

Approved 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.

[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.

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

California

News and analysis


External links

Footnotes

  1. ↑ Associated Press, "Timeline of Schwarzenegger's budget-reform efforts," May 16, 2010
  2. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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