California Proposition 50 (2002)
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Proposition 50 was a proposition in the state of California on the November 5, 2002 ballot. It passed successfully with 3,808,594 (55.4%) votes in favor and 3,076,333 (44.6%) against. It was placed on the ballot through the initiative process.
The question before voters was:
- Should the state borrow three billion four hundred forty million dollars ($3,440,000,000) through the sale of general obligation bonds for a variety of water projects including coastal protection, the CALFED Bay-Delta Program, integrated regional water management, safe drinking water, and water quality?
See also: List of California ballot propositions 2000-present
[edit] Official summary
- Authorizes $3,440,000,000 general obligation bonds to fund a variety of water projects, including:
- Specified CALFED Bay-Delta Program projects including urban and agricultural water use efficiency projects;
- Grants and loans to reduce Colorado River water use;
- Purchasing, protecting and restoring coastal wetlands near urban areas;
- Competitive grants for water management and quality improvement projects;
- Development of river parkways;
- Improved security for state, local and regional water systems;
- Grants for desalination and drinking water disinfection.
- Appropriates money from state General Fund to pay off bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- State cost of up to $6.9 billion over 30 years to pay off both the principal ($3.44 billion) and interest ($3.46 billion) costs on the bonds. Payments of about $230 million per year.
- Reduction in local property tax revenues, ranging from a few million dollars to roughly $10 million annually, about one-half of which would be offset by state payments to schools to make up their revenue loss.
- Unknown costs to state and local governments to operate or maintain properties or projects purchased or developed with these bond funds.
