2002 California Proposition 50
Proposition 50 was a proposition in the state of California on the November 5, 2002 ballot. The proposition passed with 3,808,594 (55.4%) votes in favor and 3,076,333 (44.6%) against. It was placed on the ballot through the initiative process. When put on the ballot, the question before voters was: Official summary. The passing of California Proposition 50 would allow: State and Local Government. The passing of California Proposition 50 resulted in a cost of up to $6.9 billion over 30 years to pay off both the principal ($3.44 billion) and interest ($3.46 billion ) costs on the bonds at a state level. This will consist of payments of about $230 million per year. It would also cause a reduction in local property tax revenues, ranging from a few million dollars to roughly $10 million annually, about one-half of which would be off-set by state payments to schools to make up their revenue loss. It had unknown costs to state and local governments to operate or maintain the properties or projects purchased or developed with the bond funds. See also. List of California ballot propositions 2000-present 2002 California Proposition 50