California Proposition 3 (2008)
Proposition 3 (or the Children's Hospital Bond Act of 2008) is a law that was enacted by California voters by means of the initiative process. It is a bond issue that authorizes $980 million in bonds, to be repaid from state’s General Fund, to fund the construction, expansion, remodeling, renovation, furnishing and equipping of children’s hospitals. The annual payment on the debt authorized by the initiative is approximately $64 million a year. Altogether, the measure would cost about $1.9 billion over 30 years out of California's general fund.
The initiative was presented to the Attorney-General's office in July 2007 and the measure was put to a vote as part of the 4 November 2008 state elections. It now forms Part 6.1 of the Health and Safety Code.
A smaller, but similar, bond measure for hospitals, Proposition 61, was approved by voters in 2004, totalling $750 million. As of June 1, 2008, about $403 million (just over half the total sum) had been spent.
Read more about California Proposition 3 (2008): Result of Vote, See Also
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