AUTHORIZES BONDS FOR FACILITY REPAIR, CONSTRUCTION, AND MODERNIZATION AT PUBLIC PRESCHOOLS, K–12 SCHOOLS, COMMUNITY COLLEGES, AND UNIVERSITIES. LEGISLATIVE STATUTE.
OFFICIAL TITLE AND SUMMARY
PREPARED BY THE ATTORNEY GENERAL
- Authorizes $15 billion in state general obligation bonds for public education facilities: $9 billion for preschools and K–12 (includes $5.2 billion for modernization, $2.8 billion for new construction, $500 million for charter schools, and $500 million for career technical education); $6 billion for public universities and community colleges.
- Projects will improve facilities' health/safety conditions (including earthquake/fire safety and removing lead from water) and increase affordable student housing.
- Limits administrative costs to 5%.
- Appropriates money from General Fund to repay bonds.
SUMMARY OF LEGISLATIVE ANALYST'S ESTIMATE OF NET STATE AND LOCAL GOVERNMENT FISCAL IMPACT:
- Increased state costs to repay bonds estimated at about $740 million per year (including interest) over the next 35 years.
- Mixed effect on the amount of local bonds issued by school and community college districts and a likely reduction in the amount of developer fees collected by certain school districts going forward.
FINAL VOTES CAST BY THE LEGISLATURE ON AB 48 (PROPOSITION 13)
(CHAPTER 530, STATUTES OF 2019)