Prop 2 explained: Borrowing money to fund public school and community college upgrades in California
Proposition 2 asks California voters to allow the state to borrow $10 billion in bonds to help fund repairs, upgrades, and other construction work for schools. The money would be provided to public and charter schools, community colleges and career technical programs. State officials have said the work could be to improve the health and safety conditions and classroom upgrades. It also requires yearly audits of the spending.
The State's Legislative Analyst has said this would increase state costs by about $500 million a year to repay the bond.
Who supports it and what are they saying?
The California Teachers Association, California School Nurses Organization, and Community College League of California are listed as the lead supporters of Prop 2.
"Many schools and community colleges are outdated and need basic health and safety repairs and upgrades to prepare students for college and careers and to retain and attract quality teachers," the supporters wrote. "Prop. 2 meets those needs and requires strict taxpayer accountability so funds are spent as promised with local control."
How much money has the supportive campaign raised?
According to the latest campaign finance records as of Sept. 5, supporters raised $3.6 million. Top contributors to the campaign include the California Building Industry Association with $1 million and the Coalition for Adequate School Housing Issues Committee with $1 million.
Who opposes it?
Howard Jarvis Taxpayers Association and Republican Assemblyman Bill Essayli are among those in the registered opposition.
"Proposition 2 will increase our bond obligations by $10 billion, which will cost taxpayers an estimated $18 billion when repaid with interest," opponents said. "A bond works like a government credit card—paying off that credit card requires the government to spend more of your tax dollars!"
How much money has the opposing campaign raised to fight it?
According to the latest campaign finance record as of Sept. 5, opponents had not raised any money.
Learn more on the Secretary of State's website.
See more coverage of top California politics stories here | Download our app | Subscribe to our morning newsletter