PROP
51

SCHOOL BONDS. FUNDING FOR K–12 SCHOOL AND COMMUNITY COLLEGE FACILITIES. INITIATIVE STATUTE.

 

OFFICIAL TITLE AND SUMMARY

PREPARED BY THE ATTORNEY GENERAL

  • Authorizes $9 billion in general obligation bonds: $3 billion for new construction and $3 billion for modernization of K–12 public school facilities; $1 billion for charter schools and vocational education facilities; and $2 billion for California Community Colleges facilities.
  • Bars amendment to existing authority to levy developer fees to fund school facilities, until new construction bond proceeds are spent or December 31, 2020, whichever is earlier.
  • Bars amendment to existing State Allocation Board process for allocating school construction funding, as to these bonds.
  • Appropriates money from the General Fund to pay off bonds.

SUMMARY OF LEGISLATIVE ANALYST'S ESTIMATE OF NET STATE AND LOCAL GOVERNMENT FISCAL IMPACT:

  • State costs of about $17.6 billion to pay off both the principal ($9 billion) and interest ($8.6 billion) on the bonds. Payments of about $500 million per year for 35 years.

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