Backers of a $9 billion school bond initiative have until Sept. 21 to submit enough valid signatures to qualify the measure for the ballot.
The initiative would authorize $3 billion in bonds for new construction and another $3 billion for modernization of kindergarten through 12th grade public school facilities; $1 billion for charter schools and vocational educational facilities; and $2 billion for community college facilities.
The initiative would prohibit changes to the laws allowing for developer fees to be levied to fund school facilities until new construction bond proceeds are spent or Dec. 31, 2020, whichever is earlier. It would also ban changes to the State Allocation Bond process for allocating school construction funding for these bonds.
The initiative would result in state general fund costs of $17.6 billion to pay off the principal and interest on the bonds over 35 years, with annual payments averaging $500 million, according to an estimate prepared by the Legislative Analyst’s Office and Department of Finance.
Valid signatures from 365,880 registered voters — 5 percent of the total votes cast for governor in the November general election — must be submitted to qualify the measure for the November 2016 ballot, according to Secretary of State Alex Padilla, who on Tuesday gave backers permission to begin gathering signatures.
— City News Service