News
UC Regents Endorse Proposition 3
September 30 , 2008
On July 17, the UC Regents endorsed Proposition 3, the Children's Hospital Bond Act of 2008. This initiative will be on the statewide ballot in November. UC's hospitals remain a capital intensive operation and these bonds will help meet the hospitals' strategic capital needs. The State Attorney General and the Legislative Analyst's Office have provided the following impartial information about Proposition 3:
State Attorney General's Summary
- Proposition 3 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.
- Proposition 3 designates that 20% of bond proceeds go to UC general acute care hospitals.
- Proposition 3 designates that 80% of bond proceeds go to hospitals that focus on children with illnesses such as leukemia, cancer, heart defects, diabetes, sickle cell anemia and cystic fibrosis.
- Proposition 3 requires that qualifying children's hospitals provide comprehensive services to a high volume of children eligible for governmental programs.
Legislative Analyst's Office Fiscal Analysis
- The cost of these bonds to the State is about $2 billion over 30 years to pay off both the principal and interest costs of the bonds; payments of about $64 million per year. (About $1.75 a year for each Californian).
For more information about Proposition 3, including how it will impact UCLA, please visit the University of California's Proposition 3 information page.
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