• Authorizes $4 billion in general obligation bonds for: creation and rehabilitation of state and local parks, natural resources protection projects, climate adaptation projects, water quality and supply projects, and flood protection projects.
• Reallocates $100 million of unused bond authority from prior bond acts for the same purposes.
• Appropriates moneys from the General Fund to pay off bonds.
• Requires non-state matching funds for certain projects and favors disadvantaged communities for certain projects.
• Requires annual audits.

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

• Increased state bond repayment costs averaging about $200 million annually over the next 40 years.
• Savings to local governments, likely averaging several tens of millions of dollars annually over the next few decades.

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FINAL VOTES CAST BY THE LEGISLATURE ON SB 5 (PROPOSITION 68)
(CHAPTER 852, STATUTES OF 2017)

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