Seismic Retrofit Bond Act of 1996
Official Title and Summary
Prepared by the Attorney General
Seismic Retrofit Bond Act of 1996
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Text of Proposition
- This act provides for a bond issue of two billion dollars ($2,000,000,000) to provide funds for a seismic retrofit program.
- Earmarks $650 million for seismic retrofitting of toll bridges
- Appropriates money from the state General Fund to pay off bonds.
- Requires measures to reappear on November 1996 ballot if rejected in March 1996.
Summary of Legislative Analyst's
Estimate of Net State and Local Government Fiscal Impact:
- General Fund cost of about $3.4 billion to pay off both the principal ($2 billion) and interest ($1.4 billion) on the bonds.
- The average payment for the principal and interest over 25 years would be about $138 million per year.
Final Votes Cast by the Legislature on SB 146 (Proposition 192)
Assembly: Ayes 59 Senate: Ayes 29
Noes 12 Noes 4
Analysis by the Legislative Analyst
Argument in Favor of Proposition 192
Rebuttal to Argument in Favor of Proposition 192
Argument Against Proposition 192
Rebuttal to Argument Against Proposition 192
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