Proposition 57 (officially, the Economic Recovery Bond Act) was a California ballot proposition on the March 2, 2004 primary election ballot.[1] It was passed with 4,056,313 (63.4%) votes in favor and 2,348,910 (36.6%) against.[2] The proposition authorized the state to sell $15 billion in long-term bonds to pay off accumulated deficits. Proposition 57 went into effect only because Proposition 58 (the California Balanced Budget Act) also passed.
The last payment of these deficit bonds was made Wednesday, August 5, 2015.[5] Included in the payments made over the life of the bonds were payments into a state escrow account, where interest payments totaling $4.1 billion were put aside to be paid out through July 1, 2019.[5] When the bonds were paid off, Schwarzenegger said, "I’m glad this chapter of California’s fiscal history is finally closed."[5]
Official summary
A one time Economic Recovery Bond of up to fifteen billion dollars ($15,000,000,000) to pay off the state's accumulated General Fund deficit as of June 30, 2004.[1]
The Economic Recovery Bond will be issued only if the California Balanced Budget Act is also approved by the voters.
The bonds will be secured by existing tax revenues and by other revenues that can be deposited in a special fund.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:[1]
One-time increase, compared to a previously authorized bond, of up to $4 billion to reduce the state's budget shortfall.
Annual debt-service savings over the next few years.
Above effects offset in subsequent years by higher annual debt-service costs due to this bond's larger size and the longer time period for its repayment.
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A government budget presents the government's proposed revenues and spending for a financial year.
Proposition 58 was a California ballot proposition on the March 2, 2004 ballot. It passed with 4,535,084 (71.2%) votes in favor and 1,841,138 (28.8%) against. It was officially called the California Balanced Budget Act. It requires the state legislature to pass a balanced budget every year, which means that budgeted recurrent expenditure, including repayment of past debt, does not exceed estimated revenue. The act does not require that capital works programs be funded out of current revenues. The California Constitution has always allowed bond issues for specified capital works, above a certain value. Bond measures must be approved by a statewide ballot.
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Proposition 65 was a California ballot proposition on the November 2, 2004 ballot. It failed to pass with 3,901,748 (37.6%) votes in favor and 6,471,506 (62.4%) against. It was a state constitutional amendment that would have required voter approval for any state legislation reducing certain local government revenues from January 2003 levels. It was officially known as the Local Taxpayers and Public Safety Protection Act.
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Proposition 3, the Children's Hospital Bond Act of 2008, is a law that was enacted by California voters by means of the initiative process. It is a bond issue that authorizes $980 million in bonds, to be repaid from state's General Fund, to fund the construction, expansion, remodeling, renovation, furnishing and equipping of children's hospitals. The annual payment on the debt authorized by the initiative is approximately $64 million a year. Altogether, the measure would cost about $1.9 billion over 30 years out of California's general fund.
California Proposition 10, also known as the California Alternative Fuels Initiative, was an unsuccessful initiated state statute that appeared on the November 2008 ballot in California. Proposition 10 was funded by Clean Energy Fuels Corp., a corporation owned by T. Boone Pickens. Clean Energy Fuels Corp. is the nation's leading operator of natural gas vehicle fueling stations.
Proposition 12 appeared on the November 4, 2008 ballot in California. It is also known as the Veterans' Bond Act of 2008. The measure was legislatively referred to the ballot in Senate Bill 1572. The primary sponsor of SB 1572 was Senator Mark Wyland, R-Carlsbad. The vote to place the measure on the ballot was passed unanimously in both the California state senate (39-0) and assembly (75-0).
Proposition 1A was a defeated California ballot proposition that appeared on the May 19, 2009 special election ballot. It was a constitutional amendment that would have increased the annual contributions to the state's rainy day fund. The proposition was legislatively referred to voters by the State Legislature.
Proposition 1C was a defeated California ballot proposition that appeared on the May 19, 2009 special election ballot. The measure was a legislatively referred constitutional amendment that would have made significant changes to the operation of the State Lottery.
Proposition 39 is a ballot initiative in the state of California that modifies the way out-of-state corporations calculate their income tax burdens. The proposition was approved by voters in the November 6 general election, with 61.1% voting in favor of it.
California state elections in 2018 were held on Tuesday, November 6, 2018, with the primary elections being held on June 5, 2018. Voters elected one member to the United States Senate, 53 members to the United States House of Representatives, all eight state constitutional offices, all four members to the Board of Equalization, 20 members to the California State Senate, and all 80 members to the California State Assembly, among other elected offices.
Proposition 13 was a failed California ballot proposition on the March 3, 2020, ballot that would have authorized the issuance of $15 billion in bonds to finance capital improvements for public and charter schools statewide. The proposition would have also raised the borrowing limit for some school districts and eliminated school impact fees for multifamily housing near transit stations.
California Proposition 14 is a citizen-initiated ballot measure that appeared on the ballot in the 2020 California elections, for November 3, 2020. It authorizes state bonds to be issued worth $5.5 billion, which will fund the California Institute for Regenerative Medicine (CIRM), which serves as the state's center for stem cell research, and enable it to continue its operations. This measure passed with 51% of the vote.
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