This act provides for a bond issue of two billion dollars ($2,000,000,000) to provide funds for a seismic retrofit program. Earmarks $650 million for seismic retrofitting of toll bridges Appropriates money from the state General Fund to pay off bonds. Requires measures to reappear on November 1996 ballot if rejected in March 1996. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: General Fund cost of about $3.4 billion to pay off both the principal ($2 billion) and interest ($1.4 billion) on the bonds. The average payment for the principal and interest over 25 years would be about $138 million per year.
Legislative Vote Results
Final Votes Cast by the Legislature on SB 146 (Proposition 192) Assembly - Ayes, 59; Noes, 12 -- Senate - Ayes, 29; Noes, 4
Popular Vote Results
Y: 3347257; A: 59.92; N: 2239191; B: 40.08
Kirk West, President, California Chamber of Commerce; Richard Andrews, Director, State Office of Emergency Services; Maurice Hannigan, Retired Commissioner, California Highway Patrol
Bernie Richter, Assemblyman, 3rd District; Bruce Thompson, Assemblyman, 66th District; George House, Assemblyman, 25th District
Rebuttal Against Author
George Deukmejian, Former Governor, State of California; George Housner, Professor Emeritus, California Institute of Technology; Glen Craig, Former Commissioner, California Highway Patrol --
Seismic Retrofit Bond Act of 1996. California Proposition 192 (1996).