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13 – Passed – Safe Drinking Water, Clean Water, Watershed Protection, and Flood Protection Bond Act. 14 – Passed – California Reading and Literacy Improvement and Public Library Construction and Renovation Bond Act of 2000; 15 – Failed – The Hertzberg-Polanco Crime Laboratories Construction Bond Act of 1999.
The existing supermajority requirement for local bond approval goes back to the series of tax restrictions in California's Constitution inaugurated by the passage of Proposition 13 in 1978.
No other bond measures related to education have been on the California ballot since 2006. [3] There was bipartisan support for Prop 51. [3] Arguments for the measure stated that K-12 and community college classrooms and other facilities are in need of improvement and repair to meet health and safety standards. [4]
In 2000, Proposition 39 reduced the supermajority to 55% to approve taxes for local school bonds. [4] According to the California Policy Center, a conservative think tank, since Proposition 39 was passed, voters in California have decided on almost 1,150 school bond measures and have approved 911 of them. [5]
California taxpayers would pay the bond back with interest. A legislative analyst estimated it would cost the state $650 million a year for the next 30 years or more than $19 billion.
The official oppositional statement of the proposition argues that "Proposition 2 will increase our bond obligations by $10 billion, which will cost taxpayers an estimated $18 billion when repaid with interest. A bond works like a government credit card—paying off that credit card requires the government to spend more of your tax dollars!
Named after its legislative sponsors, the Marks-Roos Local Bond Pooling Act (California Government Code §6584-6599.1) is a law enacted by the California Legislature in 1985. [ 1 ] [ 2 ] The main purpose of this statute is to allow local California governments to work together to get financing in a way that will conceivably lower borrowing costs.
How taxes on government bonds work. Government bonds are subject to varying tax treatments at the federal, state and local levels. For example, Treasury bills, notes and bonds are subject to ...