Attorney General No.
SA2003RF0033
Secretary of State No.
1003
Description
CHILDREN'S HOSPITAL PROJECTS. GRANT PROGRAM. BOND ACT. INITIATIVE STATUTE. Authorizes $750,000,000 in general obligation bonds, to be repaid from state's General Fund, to fund grants to eligible children's hospitals for the construction, expansion, remodeling, renovation, furnishing and equipping of children's hospitals. Twenty percent of bonds shall be available for grants to certain University of California general acute care hospitals, and eighty percent of the bonds shall be available for grants to other general acute care hospitals whose missions focus on children with illnesses such as leukemia, heart defects, sickle cell anemia and cystic fibrosis, and which meet other stated requirements. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Assuming 30-year bonds at an interest rate of 5.5 percent, the state cost would be about $1.5 billion over 30 years to pay off both the principal ($750 million) and interest ($800 million) on the bonds. Payments of about $50 million per year. This measure would also result in minor administrative costs to the California Health Facilities Financing Authority.
Proponents
Susan Maddox, California Children's Hospital Association, c/o Thomas Hiltachk Bell, McAndrews, Hiltachk & Davidian, LLP, 455 Capitol Mall, Suite 801, Sacramento, CA 95814, (916) 442-7757
Date
10-3-2003
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
CHILDREN'S HOSPITAL PROJECTS. GRANT PROGRAM. BOND ACT. INITIATIVE STATUTE. California Initiative 1003 (2003).
https://repository.uclawsf.edu/ca_ballot_inits/1159