Trisha Shetty (Editor)

California Proposition 47 (2002)

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
California Proposition 47 (2002)

Proposition 47 was a proposition in the state of California on the November 5, 2002 ballot. The official title was "Kindergarten-University Public Education Facilities Bond Act of 2002." The proposition passed with 4,138,826 (59.1%) votes in favor and 2,869,577 (40.9%) against. It was placed on the ballot by a vote of the state legislature on AB 16.

Contents

When put on the ballot, the question before voters was:

Should the state sell thirteen billion fifty million dollars ($13,050,000,000) in general obligation bonds for construction and renovation of K-12 school facilities and higher education facilities?

Official summary

The passing of California Proposition 47 would allow:

  • $13,050,000,000 in general obligation bonds to:
  • Fund necessary education facilities to relieve overcrowding and to repair older schools. Funds will be targeted to areas of the greatest need and must be spent according to strict accountability measures.
  • Upgrade and build new classrooms in the California Community Colleges, the California State University, and the University of California to provide adequate higher education facilities and to accommodate growing student enrollment. These bonds may be used only for eligible projects.

    • State and Local Government

    The passing of California Proposition 47 resulted in a cost of about $26.2 billion over 30 years to pay off both the principal ($13.05 billion) and interest ($13.15 billion) costs on the bonds at a state level. This will consist of payments of about $873 million per year.

    References

    California Proposition 47 (2002) Wikipedia
    (Text) CC BY-SA