This twelve billion three hundred million dollar of budget and budget-related ($12,300,000,000) bond issue will provide funding for 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. Funds will also be used to 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 to accommodate the growing student enrollment. These bonds may be used only for eligible projects. Fiscal Impact: State costs of about $24.7 billion to pay off both the principal ($12.3 billion) and interest ($12.4 billion) costs on the bonds. Payments of about $823 million per year.
Source for Popular Vote data: California Secretary of State. Statement of Vote 2004 Primary Election March 2, 2004, California Secretary of State (http://www.ss.ca.gov/elections/sov/2004_primary/measures.pdf) (accessed 25 Feb 2007)