Proposition 81 was rejected by voters in the June 2006 election.
PROPOSITION 81 IN PLAIN ENGLISH
This $600 million bond measure would fund the construction and/or renovation of public libraries throughout California. It is essentially a follow up to the voter-approved library bond from the 2000 election. That proposition funded 45 projects statewide, everything from buying land to renovations to building new libraries. But, there were another 60 projects submitted following that 2000 bond that were not funded. This bond, if approved, would fund those projects.
With each individual project, the local governments that apply for the library bond funds – usually counties – would be required to pay for 35% of the total costs of any project.
According to the state Legislative Analyst’s Office this bond will likely be paid off over a 30-year period for a cumulative cost of $1.2 billion.
Official Title and Summary
California Reading and Literacy Improvement and Public Library Construction and Renovation Bond Act of 2006.
- This act provides for a bond issue in an amount not to exceed a total of six hundred million dollars ($600,000,000) to provide funds for the construction and renovation of public library facilities in order to expand access to reading and literacy programs in California’s public education system and to expand access to public library services for all residents of California.
- First priority given to eligible projects that were not funded under 2000 Library Bond Act.
- State General Fund money appropriated to pay off bonds.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impcat:
- State cost of about $1.2 billion over 30 years to pay off both the principal ($600 million) and interest ($570 million) costs of the bonds. Payments of about $40 million per year.
- One-time local costs (statewide) of about $320 million to pay for a share of library facility projects. Potential additional local operating costs (statewide) of several millions of dollars annually.
ANALYSIS
- Institute for Governmental Studies at UC Berkeley
- California League of Women Voters – In Depth look at Prop. 81
- California Secretary of State