A $10 billion statewide bond measure that would fund a range of environmental resilience and other projects will appear on the November ballot after the passage this week of a bill to place it before voters.
Major projects funded by the bond revenue would include drinking water infrastructure and wildfire prevention.Passed as Senate Bill 867 on Wednesday, it was numbered by the end of the day by Secretary of State Shirley Weber as Proposition 4. It was one of 10 propositions numbered for the statewide ballot in November, including a separate bond measure for K-12 school infrastructure. Prop.
Another $765 million would be invested in coastal resiliency projects, while $450 million would go to local communities to reduce heat through urban greening and other programs, and reserve $300 million to be used for farms, ranches, and other land production.The $10 billion in general obligation bonds would cost $19.3 billion to pay off over 30 years, at an annual interest rate of 5%, according to the state Assembly's analysis. That includes the $10 billion principal and $9.
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