California Proposition 85, Library Construction and Renovation Bond Measure (1988)

California Proposition 85
Election date November 8, 1988
Topic Bond issues and Education
Status a Approved
Type Bond issue	Origin State Legislature

California Proposition 85 was on the ballot as a bond issue in California on November 8, 1988. It was approved.

A "yes" vote supported authorizing the issuance of $75 million in bonds to fund library construction and renovation.

A "no" vote opposed authorizing the issuance of $75 million in bonds to fund library construction and renovation.

Election results

California Proposition 85
Result		Votes	Percentage
Yes		4,813,324	52.69%
No		4,321,576	47.31%

Results are officially certified.

Source

Text of measure

Ballot title

The ballot title for Proposition 85 was as follows:

“

Library Construction and Renovation Bond Act of 1988

”

Ballot summary

The ballot summary for this measure was:

“

This act provides for a bond issue of seventy-five million dollars ($75,000,000) to provide funds for a library construction and renovation program.

”

Full Text

The full text of this measure is available here.

Fiscal impact

See also: Fiscal impact statement

The fiscal estimate provided by the California Legislative Analyst's Office said:

“

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 authorized bonds were sold at an interest rate of 7.5 percent, the cost would be about $134 million to pay off the principal ($75 million) and interest (about $59 million). The average payment for principal and interest would be about $6 million per year. 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. Costs to Administer the Program. The State Librarian may use an amount not to exceed 1 percent of the bond funds to pay the costs of administering the program. The State Librarian would incur about $750,000 of such costs over the first six years of the program to administer the grants. Costs to Operate New Library Facilities. Local agencies that build new libraries or expand their existing libraries would incur additional operating costs. This added cost cannot be estimated.

”

Path to the ballot

See also: Signature requirements for ballot measures in California

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 85 on the ballot via Senate Bill 181 (Statutes of 1988, Ch. 49).

Votes in legislature to refer to ballot
Chamber	Ayes	Noes
Assembly	59	10
Senate	33	0

See also

1988 Measures

• 1988 Measures
• Education on the ballot
• Bond issues on the ballot
• 1988 legislative sessions

California

• California ballot measures
• California ballot measure laws

News and analysis

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

External links

• California Voter Guide (November 1988)