California Proposition 53, Green-Hughes School Building Bond Measure (1986)
| California Proposition 53 | |
|---|---|
 | |
| Election date November 4, 1986 | |
| Topic Bond issues | |
| Status | |
| Type Bond issue | Origin State Legislature |
California Proposition 53 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 $800 million in bonds for new public school construction and renovations. |
A "no" vote opposed authorizing the state to issue $800 million in bonds for new public school construction and renovations. |
Election results
|
California Proposition 53 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
4,100,775 | 60.73% | ||
| No | 2,651,479 | 39.27% | ||
Overview
Proposition 53 provided a bond issue of $800 million "to provide capital outlay for construction or improvement of public schools." $400 million had to go to new schools. No more than $360 million could go to the renovation or upgrade of existing school facilities. Up to $40 million could go to existing schools exclusively for renovation and upgrades of their air-conditioning and insulation, but this applied only to year-round schools.
Text of measure
Ballot title
The ballot title for Proposition 53 was as follows:
| “ | Greene-Hughes School Building Lease-Purchase Bond Law of 1986 | ” |
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 to be sold at a rate not to exceed four hundred million dollars ($400,000,000) 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 $66 million each year if $400 million in bonds were sold in both 1986-87 and 1987-88 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.[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 25, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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