Attorney General No.

SA92RF0018

Secretary of State No.

585

Description

MAJORITY VOTE: STATE BUDGET, LOCAL SCHOOL BONDS. LOCAL SCHOOL CONSTRUCTION FEE LIMIT. INITIATIVE CONSTITUTIONAL AMENDMENT. Permits legislative passage of State budget by majority vote. Failure to pass budget bill by midnight on June 15th results in forfeiture of salary and living expenses by Governor and legislative members until budget is enacted. Reduces voter approval requirement to a majority vote for general obligation bonds issued by school districts, county offices of education or community college districts for construction, reconstruction, or rehabilitation of school facilities; limits local assessment fees which may be charged to developers by these educational entities. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Reduction of the voting requirement on the annual state budget could result in potentially significant changes (increases or decreases) in the level of state spending in any given year. Reduction of the voting requirement for local school bonds would potentially result in (1) increased annual debt service costs to school districts and community college districts, financed by increased property taxes to pay off additional local bonds, and (2) annual state savings of tens of millions of dollars due to a reduced need for state funding of local school facilities. If measure results in increase in the total amount of state and local school bonds issued, the state would realize a potential revenue loss of up to several million dollars annually. Forfeiture of salaries and expenses, if budget is late, could result in state savings of several hundred thousand dollars in any year budget deadline missed.

Proponents

Howard Owens, 976 Briarcrest Way, Sacramento, Ca 95831

Date

10-7-1992

Document Type

Initiative

Qualified

Failed to Qualify

Download

Share

COinS