California Proposition 61 (2004)
Encyclopedia
Proposition 61 was a California ballot proposition
on the November 2, 2004 ballot. It passed with 6,629,095 (58.3%) votes in favor and 4,750,309 (41.7%) against. The proposition
was the result of an initiative
and authorized the sale of $750 million in bonds
to provide funding for children's hospital
s. It was officially known as the Children's Hospital Bond Act of 2004.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
California ballot proposition
In California, a ballot proposition is a proposed law that is submitted to the electorate for approval in a direct vote . It may take the form of a constitutional amendment or an ordinary statute. A ballot proposition may be proposed by the State Legislature or by a petition signed by members of...
on the November 2, 2004 ballot. It passed with 6,629,095 (58.3%) votes in favor and 4,750,309 (41.7%) against. The proposition
Referendum
A referendum is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. This may result in the adoption of a new constitution, a constitutional amendment, a law, the recall of an elected official or simply a specific government policy. It is a form of...
was the result of an initiative
Initiative
In political science, an initiative is a means by which a petition signed by a certain minimum number of registered voters can force a public vote...
and authorized the sale of $750 million in bonds
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
to provide funding for children's hospital
Children's hospital
A children's hospital is a hospital which offers its services exclusively to children . The number of children's hospitals proliferated in the 20th century, as pediatric medical and surgical specialties separated from internal medicine and adult surgical specialties...
s. It was officially known as the Children's Hospital Bond Act of 2004.
Official summary
- Authorizes $750,000,000 in general obligation bonds, to be repaid from state's General Fund, for grants to eligible children's hospitals for construction, expansion, remodeling, renovation, furnishing and equipping children's hospitals.
- 20% of bonds are for grants to specified University of California general acute care hospitals; 80% of bonds are for grants to general acute care hospitals that focus on children with illnesses such as leukemia, heart defects, sickle cell anemia and cystic fibrosis, provide comprehensive services to a high volume of children eligible for government programs, and that meet other stated requirements.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- State cost of about $1.5 billion over 30 years to pay off both the principal ($750 million) and the interest ($756 million) costs of the bonds. Payments of about $50 million per year.