Attorney General No.

07-0090

Secretary of State No.

1327

Description

Authorizes $11,690,000,000 in bonds paid from state’s General Fund, allocated approximately as follows: 30% to dams and other surface water storage projects for the state water resources development system; 23% to statewide water supply reliability projects; 21% to Sacramento-San Joaquin delta (“delta”) sustainability and ecosystem improvements; 14% to safe drinking water and water quality projects; 11% to statewide conservation and pollution cleanup including ecosystem and urban watershed protection; and 2% to water recycling. Creates commission with the power to finance projects, including delta water conveyance. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State cost of about $22.8 billion over 30 years to pay off both the principal ($11.7 billion) and interest ($11.1 billion) costs on general obligation bonds authorized by the initiative. Payments of about $760 million per year. Unknown eventual costs, potentially in the hundreds of millions of dollars per year, to state and local governments to operate or maintain projects developed with these bond funds. (Initiative 07-0090.) (Full Text)

Proponents

Allan Zaremberg

Date

2-15-2008

Document Type

Initiative

Qualified

Failed to Qualify

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