Class Size Reduction Kindergarten-University Public Education Facilities Bond Act of 1998.

CLASS SIZE REDUCTION KINDERGARTEN-UNIVERSITY PUBLIC EDUCATION FACILITIES BOND ACT OF 1998. This nine billion two hundred million dollar ($9,200,000,000) bond issue will provide funding for necessary education facilities for at least four years for class size reduction, to relieve overcrowding and accommodate student enrollment growth and to repair older schools and for wiring and cabling for education technology. Funds will also be used to upgrade and build new classrooms in community colleges, the California State University, and the University of California. These bonds may be used only for eligible construction projects. Appropriates General Fund money to pay off bonds. Summary of Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: State cost of about $15.2 billion to pay off both the principal ($9.2 billion) and interest ($6 billion) on the bonds. The average payment for principal and interest over 25 years would be about $600 million per year. State cost of $160 million to offset all or part of school-related development fees borne by certain homebuyers and renters