State lawmakers push two $10 million bonds

California lawmakers have announced plans to introduce two bond measures on the November ballot in order to seek voter approval to borrow $10 billion each for climate programs and public school construction or repairs.

The bond proposals were announced a day after Governor Gavin Newsom signed California’s budget, which included $16 billion in spending cuts to partially address the estimated $46.8 billion deficit.

What they’re saying: “These bond measures are critical to the future of this state and invest in our kids, their neighborhood schools, and they ensure communities big and small have access to clean drinking water and are wildfire safe,” said Democratic state Senate President Pro Tempore Mike McGuire in a statement.

The big picture: The first bond measure, aimed at addressing climate-related issues, would allocate $10 billion for investments in wildfire recovery, flood and drought mitigation, as well as other natural catastrophe responses. 

• It would provide a significant investment in climate resilience, marking the largest public funding initiative in California’s history.
• The second bond proposal, with $10 billion allocated, would focus on modernizing and repairing schools. Of this amount, $8.5 billion would go to K-12 schools, while $1.5 billion would support California community colleges. 
• The funds would be designated for new construction, improving existing campuses, career technical education, and energy efficiency grants.

Why it matters: The bond measures allow legislators to borrow money that is not allocated in the budget. In March, voters narrowly approved a plan to borrow $6.38 billion for housing and mental health initiatives.

• The budget passed by lawmakers required compromises and delayed certain progressive policies due to the economic impacts of the COVID-19 pandemic, which led to consecutive years of budget adjustments.
• If the bond measures are approved by voters in November, they will provide significant funding for climate programs and public school improvements, addressing crucial areas of concern in California.