No Blank Checks Initiative
This initiative would require any state revenue bond of $2 billion or more to appear on a statewide ballot. Revenue bonds currently are approved by the Legislature or state agencies without going to the ballot. They are repaid through revenue generated by a project – like tolls on a bridge. Currently, state law requires voter approval for general obligation bonds only, which are secured through regular payments out of the state general fund.
Bottomline: The Chamber OPPOSES this proposition because it was initiated by a single individual for the express purpose of halting Gov. Brown’s CA WaterFix plan that would provide water reliability and security for the State. Prop 53 would also allow for statewide votes on regional projects that are not funded by taxpayers, thereby slowing down or endangering infrastructure projects.