Water Bond. Funding for Water Quality, Supply, Treatment, and Storage Projects.

• Authorizes $7.12 billion in general obligation bonds for state water supply infrastructure projects, such as surface and groundwater storage; ecosystem and watershed protection and restoration; drinking water protection; water supply management; water recycling and advanced water treatment technology; and flood control.
• Reallocates $425 million of unused bond authority from prior water bond acts, for same purposes.
• Appropriates money from the General Fund to pay off bonds.
• Requires certain projects to provide matching funds from non-state sources in order to receive bond funds.

Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:

• Increased state bond repayment costs averaging $360 million annually over the next 40 years.
• Savings to local governments related to water projects, likely averaging a couple hundred million dollars annually over the next few decades.

State Bond Cost Estimates
Authorized new borrowing	$7.1 billion
Average annual cost to pay off bonds	$360 million
Likely repayment period	40 years
Source of repayment	General tax revenues

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Final Votes Cast by the Legislature on AB1471 (Proposition 1)
(Chapter 188, Statutes of 2014)