California Proposition 47 (2002)
Proposition 47 was a
proposition in the state of
California on the
November 5,
2002 ballot. The official title was "Kindergarten-University Public Education Facilities Bond Act of 2002." It passed successfully with 4,138,826 (59.1%) votes in favor and 2,869,577 (40.9%) against. It was placed on the ballot by a vote of the state legislature on AB 16.
The question before voters was:
- Should the state sell thirteen billion fifty million dollars ($13,050,000,000) in general obligation bonds for construction and renovation of K-12 school facilities and higher education facilities?
See also:
List of California ballot propositions 2000-present
Official summary
This thirteen billion fifty million dollar ($13,050,000,000) bond issue will provide funding for necessary education facilities to relieve overcrowding and to repair older schools. Funds will be targeted to areas of the greatest need and must be spent according to strict accountability measures. Funds will also be used to upgrade and build new classrooms in the California Community Colleges, the California State University, and the University of California, to provide adequate higher education facilities to accommodate the growing student enrollment. These bonds may be used only for eligible projects.
Summary of Legislative Analyst's Estimate of Net State and Local Government
Fiscal Impact:
- State cost of about $26.2 billion over 30 years to pay off both the principal ($13.05 billion) and interest ($13.15 billion) costs on the bonds. Payments of about $873 million per year.
External link