California Proposition 120 (1990)
From Ballotpedia
California Proposition 120 was on the June 5, 1990 ballot in California as an legislatively-referred state statute, where it was approved.
Proposition 120 provided for a bond issue of $450 million for prison construction and Youth Authority facility funds.
- Yes: 2,714,145 (55.98%)
- No: 2,133,995 (44.02%)
Fiscal impact
The fiscal estimate provided by the California Legislative Analyst's Office said:
- "Direct Cost of Paying Off the Bonds. For these types of bonds, the state typically would make principal and interest payments from the state's General Fund over a period of about 20 years. If all of the bonds authorized by this measure are sold at an interest rate of 7.5 percent, the cost would be about $805 million to pay off the principal ($450 million) and interest ($355 million). The average payment would be about $40 million per year."
Path to ballot
The California State Legislature voted to put Proposition 120 on the ballot via Senate Bill 842 (Statutes of 1989, Ch. 5).
