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JTF CADebtJTF

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object(Timber\Post)#3742 (44) { ["ImageClass"]=> string(12) "Timber\Image" ["PostClass"]=> string(11) "Timber\Post" ["TermClass"]=> string(11) "Timber\Term" ["object_type"]=> string(4) "post" ["custom"]=> array(5) { ["_wp_attached_file"]=> string(17) "JTF_CADebtJTF.pdf" ["wpmf_size"]=> string(6) "134330" ["wpmf_filetype"]=> string(3) "pdf" ["wpmf_order"]=> string(1) "0" ["searchwp_content"]=> string(5032) "CALIFORNIA?S DEBT: WHAT DOES IT PAY FOR ? FEBRUARY 2009 ? ? CALIFORNIA USES BONDS TO FUND TRANSPORTATION, EDUCATION, AND RESOURCE PROJECTS. Over1the1past1four1decades,186%1of1California?s1general1obligation1(GO)1bond1authorizations1have1 supported1public1transportation1projects1(rail,1port,1and1highway1systems),1the1construction1and1 repair1of1education1facilities1(both1K,121and1higher1education),1and1natural1resource1projects1 (including1water1supply,1flood1control,1and1the1protection1of1forests,1waterways,1and1beaches).11 ? ? BOND PROPOSALS ARE GETTING LARGER. Measures1approved1in1elections1in1the11980s1averaged1$6851million1(in1constant120081dollars).1 Measures1approved1in1the12000s1have1averaged1$5.151billion.1Although1the1latter1number1is1inflated1 by1a1very1large1$19.91billion1transportation1bond,1even1without1this1bond,1the1measures1approved1in1 the12000s1have1averaged1$4.351billion1-1a1635%1increase1over1the11980s.1Voter1approval,1however,1 does1not1mean1the1vast1monies1authorized1by1these1bonds1will1be1immediately1issued.1It1may1take1 several1years1before1the1bond1revenue1authorized1in1an1election1becomes1available.111 ? ? BONDS FOR EDUCATION AND TRANSPORTATION INCREASED RAPIDLY AFTER THE MID 1980s. Proposition113,1passed1by1the1voters1in11978,1dismantled1methods1used1before1the1passage1of1this1 measure1to1fund1school1construction.1By11986,1the1legislature1had1begun1to1fund1educational1 facilities1through1a1mix1of1state1GO1bonds,1local1school1district1revenues,1and1developer1fees;11 and1after1this,1the1amount1of1state1bonds1for1funding1school1construction1increased1substantially.1 California1began1authorizing1GO1bonds1for1rail1transportation1in11990,1followed1by1an1ambitious1 $19.91billion1bond1program1for1highways1and1other1transportation1programs1in120061and1$101billion1 for1high1speed1rail1in12008.1The120061transportation1bond1implies1a1marked1departure1from1the1 state?s1decades,old1practice1of1relying1on1gas1tax1revenues1for1highway1construction1on1a1pay,as, you,go1basis.1111 ? ? THE PATTERN OF STATE BOND USE CHANGED AROUND 1990. In1the1early11990s,1voters1rejected1bond1proposals1for1jails1and1prisons1and1also1for1parks1and1 forestry.1In1response,1the1state1began1to1fund1prisons1and1other1criminal1justice1facilities1through1 financing1that1did1not1require1popular1voter1approval.1Parks1and1forestry1bond1proposals1were11 also1packaged1in1a1new1way1-1as1hybrid1combinations1of1coastal1protection,1open1space,1parks,11 clean1water,1clean1air,1and1other1issues1that1have1enjoyed1voter1support.11 ? ? BOND SPENDING IS NO LONGER ABLE TO HELP LEAD THE STATE OUT OF RECESSION. In1the1past,1bonds1have1helped1counter1recessions1because1spending1bond1proceeds1delivered1 substantial1economic1stimulation1while1placing1little1burden1on1the1current1year?s1budget.1But1this1 has1not1been1the1case1in1the1current1recession:1California1recently1froze1the1spending1of1almost1all11 of1the1proceeds1of1its1already1approved1bonds1because1of1the1state?s1inability1to1sell1new1bonds1and1 the1drawdown1on1the1state?s1cash1reserves1if1bond1spending1continued.11 www.ppic.org Purposes of State General Obligation Bonds, 1970?2008 Other* 13% *Other Housing: 4% Jails and prisons: 3% Flood and earthquake preparedness: 3% Stem cell research: 2% Children?s hospitals: 1% Natural resources 18% School facilities 46% Transportation 23% State General Obligation Bonds Approved in 2006 and 2008 Bond Total Committed ($ billions) Purpose Transportation Proposition 1B (2006) 19.9 13.1 Highways, ports and related connectors, transit and passenger rail, bridge seismic retrofitting, railroad grade separations, local roads Proposition 1A (2008) 9.9 0 Initial funding for engineering and right-of-way acquisition for high-speed rail system Education Proposition 1D (2006) 10.4 6.2 $7.3 billion for construction and modernization of K?12 schools, $3.1 billion for University of California, California State University, and California community colleges Children?s hospitals Proposition 3 (2008) 0.9 0 Construction of children?s hospitals Natural resources Proposition 84 (2006) 5.4 3.8 Statewide water planning, flood control, protection of forests, waterways, beaches, bays, and parks Proposition 1E (2006) 4.1 2.1 Flood control projects Housing Proposition 1C (2006) 2.8 1.2 Support for homeownership, multifamily rental housing, infill, transit-oriented development, and other housing programs Sources: California State Treasurer. California Department of Finance. Contact: Dean Misczynski Supported with funding from The William and Flora Hewlett Foundation. www.ppic.org" } ["___content":protected]=> string(112) "

JTF CADebtJTF

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