California Proposition 53, Voter Approval Requirement for Revenue Bonds above $2 Billion

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Proposition 53: Revenue Bonds. Infrastructure Projects. State Legislature and Voter Approval. Initiative Constitutional Amendment.

Proposition 53 Ballot Summary:

  • Requires statewide voter approval before any revenue bonds can be issued or sold by the state for certain projects if the bond amount exceeds $2 billion.
  • Applies to any projects that are financed, owned, operated, or managed by the state, or by a joint agency formed between the state and a federal government agency, another state, and/or a local government.
  • Prohibits dividing projects into multiple separate projects to avoid statewide voter approval requirement.

A “Yes” vote means:

A “yes” vote will be a vote in favor of requiring voter approval before the state could issue more than $2 billion in public infrastructure bonds that would require an increase in taxes or fees for repayment.

A “No” vote means:

A “no” vote will be a vote against the voter approval requirement and in favor of continuing to allow the state to issue new debt without voter approval.

You can read the full text of Proposition 53 here. 

Source: Ballotpedia