No one seems to know exactly how much money California voters have authorized community college districts and K-12 school districts to borrow for construction since Proposition 39 was approved by 53.4% of voters in November 2000. That statewide ballot measure reduced the vote percentage needed to pass bond measures authorizing bond sales from 66.67% (two-thirds) to 55 percent under certain conditions. This was the start of California’s massive accumulation of debt for educational construction at the state and local levels of government.
I have now confirmed the election results for bond measures considered by California voters in the June 5, 2012 election. Voters approved 25 bond measures in 25 educational districts and authorized these districts to borrow a total of $2,007,880,000 by selling bonds to investors. Voters in an additional nine (9) districts rejected nine bond measures totaling $312,695,000.
Add the amount of bond sales authorized in the November 6, 2012 election, and California voters authorized educational districts in 2012 to borrow a grand total of $15,293,681,190 ($15.3 billion) by selling bonds to investors. Add interest and transaction fees to this amount, and NEW debt service imposed on taxpayers for educational construction in 2012 probably will be $25 billion to $30 billion, depending on interest rates, sales of capital appreciation bonds, and other variables related to municipal finance.
Next, I plan to compile the results for school bond elections in 2002, 2004, 2006, 2008, and 2010. And don’t forget the three past statewide propositions (in 2002, 2004, and 2006) authorizing a total of $35.8 billion to borrow through bond sales.
Educational Bond Measures Approved by California Voters
June 5, 2012
Sorted by Highest to Lowest Amount Authorized for Borrowing Through Bond Sales
Educational Bond Measures Rejected by California Voters
June 5, 2012
Sorted by Highest to Lowest Amount Not Authorized for Borrowing Through Bond Sales
|Jurupa Unified, Measure M||
|Antioch Unified, Measure J||
|Brea-Olinda Unified, Measure E||
|Mountain Empire, Proposition G||
|Gridley Unified, Measure C||
|Corcoran Joint Unified, Measure V||
|Biggs Unified, Measure B||
|Sierra Unified, Measure O||