The statewide initiative “Funding for K-12 School and Community College Facilities” has been certified eligible for the 2016 ballot.
This is a School Bond classified as a Initiative Statutory Amendment.
Authorizes $9 billion in general obligation bonds: $3 billion for new construction and $3 billion for modernization of K-12 public school facilities; $1 billion for charter schools and vocational education facilities; and $2 billion for California Community Colleges facilities. Bars amendment to existing authority to levy developer fees to fund school facilities, until new construction bond proceeds are spent or December 31, 2020, whichever is earlier. Bars amendment to existing State Allocation Board process for allocating school construction funding, as to these bonds.
Appropriates money from the General Fund to pay off bonds. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government.
State General Fund costs of $17.6 billion to pay off principal ($9 billion) and interest ($8.6 billion) on bonds over a period of 35 years. Annual payments would average $500 million. Annual payments would be relatively low in the initial and final few years and somewhat higher in the intervening years. (15-0005.)