PASSENGER RAIL AND CLEAN AIR BOND ACT OF 1990. This act provides for a bond issue of one billion dollars ($1,000,000,000) to provide funds for acquisition of rights-of-way, capital expenditures, and acquisitions of rolling stock for intercity rail, commuter rail, and rail transit programs. 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 and paid over the typical 20 year period, the General Fund will incur about $1.8 billion to pay off bond principal ($1 billion) and interest ($790 million). The estimated annual cost of bond principal and interest is $90 million.
Legislative Vote Results
Final Vote Cast by the Legislature on AB 973 (Proposition 108) Assembly - Ayes, 68; Noes, 6 -- Senate - Ayes, 38; Noes, 0
Popular Vote Results
Y: 2795092; A: 56.28; N: 2170876; B: 43.72
Bond Act (leg)
Tom Noble, President, California Association of Highway Patrolmen (CHP); Kirk West, President, California Chamber of Commerce; Jim Costa, Member of the Assembly, 30th District
Richard L. Mountjoy, Member of the Assembly, 42nd District; Dennis Brown, Member of the Assembly, 58th District; Eric Seastrand, Member of the Assembly, 29th District
Rebuttal Against Author
George Deukmejian, Governor; Larry McCarthy, President, California Taxpayers Association; Thomas Hayes, Treasurer
Passenger Rail And Clean Air Bond Act Of 1990 California Proposition 108 (1990).