KINDERGARTEN-UNIVERSITY
PUBLIC EDUCATION FACILITIES BOND ACT OF 2006.
- This ten billion four hundred sixteen million dollar ($10,416,000,000) bond issue will provide needed
funding to relieve public school overcrowding and to repair older schools.
- It will improve earthquake safety and fund vocational educational facilities in public schools. Bond
funds must be spent according to strict accountability measures.
- Funds will also be used to repair and upgrade existing public college and university buildings and to
build new classrooms to accommodate the growing student enrollment in the California Community
Colleges, the University of California, and the California State University.
- 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 $20.3 billion to pay off both the principal ($10.4 billion) and interest ($9.9 billion)
on the bonds. Payments of about $680 million per year.
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