Authorizes $15 billion in state general obligation bonds for construction and modernization of public education facilities. Fiscal Impact: Increased state costs to repay bonds estimated at about $740 million per year (including interest) over the next 35 years.
YES A YES vote on this measure means: The state could sell $15 billion in general obligation bonds to fund school, community college, and university facility projects. In addition, school districts and community college districts would be authorized to issue more local bonds, and school districts would have new limits on their ability to levy developer fees.
NO A NO vote on this measure means: The state could not sell $15 billion in general obligation bonds to fund education facility projects. The state also would not make changes to school districts’ and community college districts’ existing local borrowing limits or the existing rules for school districts to levy developer fees.
PRO YES on PROP. 13 funds essential repairs to make California public schools safer and healthier. Removal of toxic mold and asbestos from aging classrooms. More school nurse facilities. Cleaner drinking water. Fire and earthquake safety upgrades. Strong taxpayer controls. Endorsed by firefighters, doctors, nurses, and teachers. For California’s children. YesonProp13.com
CON This measure authorizes $15 billion in borrowing, costing taxpayers $27 billion including interest, to build and repair schools. Borrowing is nearly twice as expensive as paying for school construction from the regular budget, which has a huge $21 billion surplus. This is just more government waste. Vote no.