|Elections in California|
Proposition 55 was a California ballot proposition on the March 2, 2004 ballot. It passed with 3,239,706 (50.9%) votes in favor and 3,130,921 (49.1%) against. The official title was Kindergarten-University Public Education Facilities Bond Act of 2004. Its main provisions authorized the sale of $12.3 billion in bonds intended to relieve overcrowding and to repair public education facilities from public elementary schools through public universities.
- This act provides for a bond issue of twelve billion three hundred million dollars ($12,300,000,000) to fund necessary education facilities to relieve overcrowding and to repair older schools.
- Funds will be targeted to areas of greatest need and must be spent according to strict accountability measures.
- Funds will also be used to upgrade and build new classrooms in the California Community Colleges, the California State University, and the University of California, to provide adequate higher education facilities to accommodate growing student enrollment.
- Appropriates money from General Fund to pay off bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- State costs of about $24.7 billion to pay off both the principal ($12.3 billion) and interest ($12.4 billion) costs on the bonds. Payments of about $823 million per year.
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