California Proposition 60A (2004)
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Proposition 60A was a proposition in the state of California on the November 2, 2004 ballot. It passed with 7,776,374 (73.3%) votes in favor and 2,843,435 (26.7%) against. It was a legislative constitutional amendment intended to direct funds collected from the sale of surplus government property toward repaying the $15,000,000,000 in bonds authorized by the passage of Proposition 57 in March 2004. It was approved for the ballot by the California Assembly by a vote of 55-21 and by the California State Senate by a vote of 28-3.
The proposition was originally contained as part of Proposition 60 on the same ballot. Proposition 60 was challenged in court on the grounds that it violated the California Constitution's ban on multi-subject ballot measures. In the case Californians for an Open Primary v. Shelley, petitioners wanted to remove the measure from the ballot altogether. On July 30, 2004, the California Third District Court of Appeal decided to allow Proposition 60 to remain on the ballot, but it ordered it to be split into two separate propositions. The surplus property provision was thus separated into Proposition 60A.
[edit] Official summary
- Dedicates proceeds from sale of surplus state property purchased with General Fund monies to payment of principal, interest on Economic Recovery Bonds approved in March 2004. When those bonds are repaid, surplus property sales proceeds directed to Special Fund For Economic Uncertainties.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- Net savings over the longer term-potentially low tens of millions of dollars-from accelerated repayment of existing bonds.
