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"A collaborative political resource." |
CA Proposition 57 - Economic Recovery Bond Act
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> United States > California > Propositions > 2004 Referendums > Economic Recovery Bond Act
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| Office | Referendum |
| Type | Referendum |
| Filing Deadline | December 30, 2003 - 03:00pm |
| Polls Open | March 02, 2004 - 09:00am |
| Polls Close | March 02, 2004 - 10:00pm |
| Term Start | January 20, 2005 - 12:00pm |
| Term End | January 20, 2009 - 12:00pm |
| Contributor | Barack O-blame-a |
| Last Modified | Jason August 23, 2010 11:21pm |
| Data Sources | California Secretary of State
[Link] |
| Description | Proposition 57
THE ECONOMIC RECOVERY BOND ACT.
* A one time Economic Recovery Bond of up to fifteen billion dollars ($15,000,000,000) to pay off the state's accumulated General Fund deficit as of June 30, 2004.
* The Economic Recovery Bond will only be issued if the California Balanced Budget Act is also approved by the voters.
* The bonds will be secured by existing tax revenues and by other revenues that could be deposited in a special fund.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
* One-time increase, compared to a previously authorized bond, of up to $4 billion to reduce the state's budget shortfall.
* Annual debt-service savings over the next few years.
* Above effects offset in subsequent years by higher annual debt-service costs due to this bond's larger size and the longer time period for its repayment.
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3,546,705 (63.27%)