# 2004 California Proposition 57

Elections in California :
Federal government
U.S. President
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Rep
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Rep
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Rep
2024
Dem
Rep
U.S. Senate
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2028
U.S. House of Representatives
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vte :
State government
Executive Governor
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Lieutenant governor
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2026
Attorney general
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Secretary of state
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Treasurer
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Controller
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Insurance commissioner
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Superintendent
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Board of equalization
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Legislature Senate
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Special
Assembly
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2021 (79th sp)
2022 (17th sp)
2024
Special
Judiciary Court of appeals
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Elections by year
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vte :
State propositions
1910–1919
1911
4
7
8
1960–1969
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14
1970–1979
1978
6
8
13
1980–1989
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8
1986
64
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187
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6
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2000–2009
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21
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36
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2004
1A
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57
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60A
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2010–2019
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Full listvte :
Los Angeles County
Los Angeles County Board of supervisors
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2024
Ballot measures
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A
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J
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M
Elections
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Los Angeles Mayor
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City attorney
2009
Ballot measures
1986
U
2017
S
Elections
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Long Beach Mayor
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vte :
Orange County
Orange County Board of supervisors
2018
2020
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2024
District attorney
2018
Anaheim Mayor
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Irvine Mayor
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Costa Mesa Municipal
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vte :
Sacramento
Mayor
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vte :
San Diego County
San Diego County Board of supervisors
2020
San Diego Mayor
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City council
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Special
vte :
San Francisco
Mayor
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District attorney
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Board of supervisors
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Board of education
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2022 (recall)
Elections
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vte :
San Jose
Mayor
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vte :
Other localities
Bakersfield
Mayoral elections:
2004
2008
2012
2016
2020
2024
Fresno
Mayoral elections:
1996
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Oakland
Mayoral elections:
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Mayoral elections:
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San Bernardino
Mayoral elections:
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Stockton
Mayoral elections:
2008
2012
2016
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vte :
vte :
Proposition 57 (officially, the Economic Recovery Bond Act) was a California ballot proposition on the March 2, 2004 primary election ballot. It was passed with 4,056,313 (63.4%) votes in favor and 2,348,910 (36.6%) against. The proposition authorized the state to sell $15 billion in long-term bonds to pay off accumulated deficits. Proposition 57 went into effect only because Proposition 58 (the California Balanced Budget Act) also passed.
Propositions 57 and 58 were the centerpiece of Governor Arnold Schwarzenegger's plan to resolve California's budget problems. Schwarzenegger campaigned heavily for the passage of Propositions 57 and 58. California State Senator Tom McClintock, Schwarzenegger's fellow Republican and rival in the 2003 gubernatorial recall, was one of the chief opponents of Proposition 57.
The last payment of these deficit bonds was made Wednesday, August 5, 2015. Included in the payments made over the life of the bonds were payments into a state escrow account, where interest payments totaling $4.1 billion were put aside to be paid out through July 1, 2019. When the bonds were paid off, Schwarzenegger said, "I’m glad this chapter of California’s fiscal history is finally closed."

## Official summary

* 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 be issued only 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 can 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.