Authorizes Bonds to Fund Projects for Drinking Water and Water Quality Improvements, to Reduce Environmental Vulnerability to Climate Change, and For State and Local Parks. Initiative Statute.

Authorizes $7.99 billion in state general obligation bonds for various infrastructure projects in the following general categories: $3.99 billion for safe drinking water and water quality improvements, $2.20 billion to reduce environmental vulnerability to climate change, and $1.8 billion for state and local park improvements. Appropriates money from the General Fund to pay off bonds. Requires certain projects to provide matching funds from non-state sources and gives priority to disadvantaged communities. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State costs of $15.6 billion to pay off principal ($8 billio