HomeMy WebLinkAboutMINUTES - 06021992 - 1.64 1 . 64
TO: BOARD OF SUPERVISORS 6;...�..
..f;, Contra
FROM: '...
Phil Batchelor, County Administrator Costa
County
DATE: °'�=---"•-'',`'`
May 27 , 1992.
SUBJECT:
STATEWIDE BALLOT MEASURE FOR THE JUNE. 2, 1992 PRIMARY:
PROPOSITION 153
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Adopt a position in SUPPORT of Proposition 153 on the June 2, 1992
ballot, which would authorize the sale of $900 million in bonds to
fund the construction or improvement of California's public college
and university facilities .
BACKGROUND:
Higher education in California includes 138 campuses, specifically
the University of California ( 9 campuses) , the California State
University system (20 campuses) , the California Community College
system ( 107 campuses) , the Hastings College of the Law and the
Maritime Academy. Since 19861 the voters have approved three
general obligation bond measures totaling about $1 .5 billion for
capital improvements at public higher education campuses. Nearly
all of this money has been spent or committed. In addition, since
1986, the Governor and the Legislature have provided more than $1 .2
billion for public higher education facilities from lease-revenue
bonds .
Proposition 153 was placed on the June 2, 1992 primary election
ballot by the Legislature (SB 119) in an effort to fund some of the
existing higher education facility needs . The measure authorizes
the state to sell $900 million in general obligation bonds to
construct new buildings, alter existing buildings, and purchase
equipment for use in the new or altered buildings . The State would
also be authorized to purchase sites for certain California State
University off-campus centers . The Governor and the Legislature
would . decide how to spend the bond money. The measure, however,
prohibits the expenditure of the bond proceeds for the acquisition
or development of new campuses .
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON ,dune 2 , 199-2 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY.THAT THIS IS A TRUE
-X UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: ATTESTED
County Administrator PHIL 49TCHELOR,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
M382 (10!88) "' DEPUTY
-2-
If all of the bonds authorized by this measure are sold at an
interest rate of 7% for 20 years, the annual cost to retire the
bonds, including interest, would be about $78 million, for a total
cost of $1 .56 billion.
State General Fund costs for payments on the State's General Fund
bond debt are expected to be about $1 .4 billion during the current
1991-92 fiscal year. This equals 3 .2% of estimated General Fund
revenues . This percentage has been increasing in recent years, but
remains below that average of other states .
Supervisor Torlakson has asked that Proposition 153 be placed
before the Board so that the Board of Supervisors could take a
support position on the measure, in an effort to demonstrate the
County' s support for higher education.