INITIATIVE STATUTE. Authorizes general obligation bond issue of $1,990,000,000 to provide funds principally for passenger and commuter rail systems, with limited funds available for public mass transit guideways, paratransit vehicles, bicycle and ferry facilities, and railroad technology museum. Allocates certain amounts to specified state and local entities through a grant program administered by the California Transportation Commission. Program will require some matching funds from local entities. Appropriates money from state General Fund to pay off bonds. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: If all authorized bonds are sold at 7.5 percent interest and paid over the typical 20-year period, the General Fund will incur about $3.6 billion in costs to payoff bond principal (~2 billion) and interest ($1.6 billion) . The estimated annual cost of bond principal and interest is $180 million.
Popular Vote Results
Y: 2579810; A: 53.26; N: 2263573; B: 46.74
John Van De Kamp, Attorney General of California; Pete Wilson, United States Senator; Lawrence D. Odle, President, California Air Pollution Control Officers Association
Dr. Martin Wachs, Professor of Transportation Planning, UCLA Graduate School of Architecture and Urban Planning; Ryan Snyder, Urban Planner/Transportation Specialist
Rebuttal Against Author
Carole Wagner Vallianos, President, League of Women Voters of California; Claudia Elliott, Chair, Sierra Club California; Dianne Feinstein, Former Mayor of San Francisco
Rail Transportation. Bond Act. California Proposition 116 (1990).