Update November 8, 2006
Proposition 1B was passed by 61.2% of voters.
Proposition 1B In Plain English
This bond measure would provide about $20 billion to spend on highways and roads, local transit and rail, improving goods transportation, and security. Paying back the bonds, with interest, would cost an estimate $38.9 billion over 30 years.
Official Title and Summary
Highway Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of 2006.
- Makes safety improvements and repairs to state highways; upgrades freeways to reduce congestion; repairs local streets and roads; upgrades highways along major transportation corridors.
- Improves seismic safety of local bridges.
- Expands public transit.
- Helps complete the state’s network of car pool lanes.
- Reduces air pollution.
- Improves anti-terrorism security at shipping ports.
- Provides for a bond issue not to exceed nineteen billion nine hundred twenty-five million dollars ($19,925,000,000).
- Appropriates money from the General Fund to pay off bonds.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:
- State costs of about $38.9 billion over 30 years to pay off both the principal ($19.9 billion) and interest ($19.0 billion) costs of the bonds. Payments of about $1.3 billion per year.
- Additional unknown state and local government costs to operate and maintain transportation infrastructure (such as roads, bridges, buses and railcars) funded with bonds. A portion of these costs would be offset by revenues generated by the improvements, such as fares and tolls.
Analysis
- Official Legislative Analysis, California Legislative Analyst’s Office (PDF)
- In Depth Nonpartisan Analysis, League of Women Voters Ca.
Articles
- Proposition 1B would make state more accountable with transit funds.. San Jose Mercury News
- On Nov. 7, Californians can choose to build for the future. San Jose Mercury News
- Editorial: Bonds for the future, Yes on Props. 1B, 1C, 1D, 1E and 84. Sacramento Bee
- Props. 1B, 1C, 1D, 1E and 84: Public works bonds: No. The infrastructure bonds will dangerously run up state debt for too little in return. Orange County Register
- The $46-Billion Questions Await State’s Voters, Ballot measures would release a torrent of spending on California’s infrastructure but test the public’s stomach for more debt and taxes. Los Angeles Times