Public Education Facilities Bond Act of 1996.

This act provides for a bond issue of three billion dollars ($3,000,000,000) to provide funds for school facility improvement programs. Earmarks $2.025 billion for primary and secondary schools, and $975 million for higher education. Appropriates money from General Fund to pay off bonds. Summary of Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: State General Fund cost of about $5.2 billion to pay off both the principal ($3 billion) and interest ($2.2 billion) on the bonds. The average payment for principal and interest over 25 years would be about $208 million per year