|Title and Summary||Analysis||Arguments and Rebuttals||Text of Proposed Law|
OFFICIAL TITLE AND SUMMARY
Prepared by the Attorney General
California Reading and Literacy Improvement and Public Library Construction and Renovation Bond Act Of 2006.
• This act provides for a bond issue in an amount not to exceed a total of six hundred million dollars ($600,000,000) to provide funds for the construction and renovation of public library facilities in
order to expand access to reading and literacy programs in California's public education system and
to expand access to public library services for all residents of California.
• First priority given to eligible projects that were not funded under 2000 Library Bond Act.
• State General Fund money appropriated to pay off bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:• State cost of about $1.2 billion over 30 years to pay off both the principal ($600 million) and interest
($570 million) costs of the bonds. Payments of about $40 million per year.
• One-time local costs (statewide) of about $320 million to pay for a share of library facility projects.
Potential additional local operating costs (statewide) of several millions of dollars annually.
Final Votes Cast by the Legislature on SB 1161 (Proposition 81)
|Senate:||Ayes 28||Noes 9|
|Assembly:||Ayes 57||Noes 15|
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