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Offical Voter Info Guide Cal Statewide March 2, 2004 Primary Election 10-7-2003
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Ballot Measure Summary

Proposition 55
Proposition 56
Proposition 57
  Arguments and Rebuttals
  Text of Proposed Law
Proposition 58
Bond Overview

Prepared by the Attorney General

Proposition 57


  • 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.

Final Votes Cast by the Legislature on ABX5 9 (Proposition 57)

Assembly: Ayes 65 Noes 13
Senate: Ayes 27 Noes 12

Graphic:  Silhouette of People
Copyright © 2004 California Secretary of State