California School Bond Proposition 2 Leading in Early Returns
Initial Results Indicate Success for $10 Billion School Bond
According to early returns, Proposition 2, a bond to provide $10 billion in funding for repairs and upgrades at thousands of public elementary, middle, and high schools and community colleges across California, is leading. This comes as a relief to many districts, which have been struggling to upkeep their facilities.
A Second Chance for School Bond Propositions
Voters rejected the last school bond proposition in March 2020, a $15-billion proposal that garnered only 47% of the vote. This new proposition, however, has garnered support from a coalition of over 150 groups, as well as both the California Democratic and Republican parties.
How the Bond Will Be Used
The bond will provide $8.5 billion in facility renovations and new construction for K-12 schools, with 10% of the funds dedicated to small school districts. Community colleges will receive $1.5 billion. These funds will be used to repair hazardous mold, leaky roofs, and septic systems, as well as to build classrooms, modernize science labs, and replace aging buildings.
How the Bond Will Be Paid Back
The cost to repay the bond will be approximately $500 million annually over the next 35 years, which will come out of the state’s General Fund. Due to interest on the borrowed money, the total cost of the bond will be about 10% more (after adjusting for inflation) than if the state had paid upfront, according to the Legislative Analyst’s Office.
How the Bond Will Be Distributed
To receive bond money, districts must raise a local bond of their own and then apply to the School Facility Program for a funding match on a sliding scale, up to 65% for renovations and 55% for new construction. The exact state match is based on a complicated points formula that seeks to provide a higher match to low-wealth districts that cannot afford to generate much local funding, and those with a high percentage of disadvantaged districts. Districts that are unable to raise more than $15 million can receive up to a 100% match.
Frequently Asked Questions
Q: What is Proposition 2?
A: Proposition 2 is a bond to provide $10 billion in funding for repairs and upgrades at thousands of public elementary, middle, and high schools and community colleges across California.
Q: How much will the bond cost?
A: The cost to repay the bond will be approximately $500 million annually over the next 35 years.
Q: How will the bond be distributed?
A: The bond will be distributed to school districts and community colleges through a funding match program, with a sliding scale of 65% for renovations and 55% for new construction.
Q: Why is Proposition 2 important?
A: Proposition 2 is important because it will provide much-needed funding for repairs and upgrades at thousands of public schools and community colleges across California, improving the learning environment for students and the working conditions for teachers and staff.
