Proposition 53: Voter Approval Requirement for Revenue Bonds Over $2 Billion
Available once the California Secretary of State has certified the election. This can take up to 3 weeks or more.
Requires statewide voter approval before any revenue bonds can be issued or sold by the state for certain projects if the bond amount exceeds $2 billion. Fiscal Impact: State and local fiscal effects are unknown and would depend on which projects are affected by the measure and what actions government agencies and voters take in response to the measure's voting requirement.
Proponents believe Proposition 53 will give California voters a say in state projects costing over $2 billion in state revenue bonds. They claim that it will ensure full disclosure of project costs before a vote is taken.
Opponents claim that Proposition 53 will cause delays in much-needed infrastructure maintenance and repair. They claim that it will erode local control and contains no exemption for emergencies and natural disasters.