KINDERGARTEN-UNIVERSITY PUBLIC EDUCATION FACILITIES BOND ACT OF 2002.

Kindergarten–University Public Education Facilities Bond Act of 2002. • This act provides for a bond issue of thirteen billion fifty million dollars ($13,050,000,000) to fund necessary education facilities to relieve overcrowding and to repair older schools. • Funds will be targeted to areas of greatest need and must be spent according to strict accountability measures. • Funds will also be used to upgrade and build new classrooms in the California Community Colleges, the California State University, and the University of California, to provide adequate higher education facilities to accommodate growing student enrollment. •Appropriates money from state General Fund to pay off bonds. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: • State cost of about $26.2 billion over 30 years to pay off both the principal ($13.05 billion) and interest ($13.15 billion) costs on the bonds. Payments of about $873 million per year