SACRAMENTO, Calif. (KGTV) -- A proposition that would authorize billions for California educational facilities will appear on the March 2020 ballot.
Proposition 13 authorizes a $15 billion bond that would go to preschool and K-12 schools as well as universities and community colleges, according to Ballotpedia.
A total of $9 billion would be used for preschool and K-12 schools while $4 billion will go to universities. Meanwhile, $2 billion is set aside for community colleges.
The California Legislative Analyst says the state would pay $26 billion in total - $15 billion in principal and $11 billion in interest. The payments would be made over 35 years from the General Fund, Ballotpedia says.
The analysis also shows that Prop 13 would cost taxpayers an additional $740 million per year for 35 years.
According to Cal Matters, those in favor of the measure, including Governor Gavin Newsom, say it will focus on modernizing schools as opposed to new construction.
Those against proposition 13, including the Howard Jarvis Taxpayers Association, say it would cause an increase in local property taxes and add to state debt and interest costs.
“Like all bond debt, that must be paid ahead of any other priorities, even law enforcement,” the association says. “If there is a recession, too much debt puts us at risk of a reduction in services or demands for emergency tax increases at the worst possible time.”
Click here to read more from the association.
A “yes” vote supports proposition 13 while a “no” vote opposes the measure.
Check out the breakdown below of how the money would be spent if approved:
$9 billion for preschool and K-12
- $2.8 billion for new construction of school facilities
- $5.2 billion for modernization of school facilities
- $500 million for providing school facilities to charter schools
- $500 million for facilities for career and technical education programs
$4 billion for universities
- $2 billion for capital outlay financing needs of the California State Universities
- $2 billion for capital outlay financing needs of the University of California and Hastings College of Law
Community colleges $2 billion
- $2 billion for capital outlay financing needs of community colleges