PHOENIX — Californians will vote on several bond-related initiatives among the 17 ticketed for the statewide ballot on Nov. 8.
The measures were included in the Secretary of State's draft voter guide, released Tuesday.
California Secretary of State Alex Padilla made the guide available for public review, during which time members of the public can challenge any portion of it. It includes U.S. Senate candidate statements, arguments for and against all the propositions that will appear on the statewide ballot, and other election information.
Several initiatives have the potential to impact the muni market.
Proposition 53, a proposed constitutional amendment, would require statewide voter approval before any revenue bonds could be issued or sold by the state for certain projects if the bond amount exceeds $2 billion.
That measure, the so-called "Stop Blank Checks" initiative, was bankrolled by wealthy Stockton farmer Dean Cortopassi who spent $4 million collecting the signatures and advertising for the measure. Members of Gov. Jerry Brown's administration have attacked the measure saying it is a backhanded way of trying to stop the governor's $15.7 billion plan to construct twin tunnels through California's Sacramento-San Joaquin Delta to divert water to the south.
Its supporters maintain that its intent is to give Californians power over whether or not to borrow billions of dollars.
In the guide, the proponents of the measure argued that a "loophole" in state law allows politicians and "unaccountable" state agencies to borrow billions without the consent of the people. But the opponents argued that Prop. 53 would only "erode local control" by allowing voters in faraway parts of the state to effectively veto regional infrastructure projects. The opponents further warned that because the measure does not include an exemption for emergencies, it could potentially impair the state's ability to make repairs in the wake of disasters.
Proposition 51 would authorize $9 billion in general obligation bonds for new construction and modernization of K-12 public schools, charter schools, and other educational facilities. Proposition 55 would extend for 12 years income tax increases enacted in 2012 on earnings over $250,000, with revenues allocated to schools and healthcare. Proposition 56 would raise the cigarette tax by $2 per pack, raising about $1 billion in annual revenue. Proposition 64 would legalize marijuana and raise anywhere from hundreds of millions of dollars to more than $1 billion a year through new taxes, according to the supporters' arguments in the guide.
"The choices we make as voters this fall will shape our state and nation for years to come—this is why it is so important to be informed," Padilla said in a statement.
The guide is available for public inspection from July 26 through Aug. 15. Challenges to the descriptions or arguments will be heard in Sacramento Superior Court, and the court can order changes to the guide. On Aug. 15, the guide is finalized and printed.
It was easier than usual to qualify some ballot measures this year. Backers of initiatives that are not constitutional amendments must collect signatures of support from registered voters equal to 5% of the votes cast in the most recent gubernatorial election. California voters turned out in low numbers in 2014, re-electing Gov. Jerry Brown but casting only about 7.3 million votes in the process.
