FOR IMMEDIATE RELEASE
Thursday, May 16, 2002
Michael Reese(510) 987-9179
michael.reese@ucop.edu

UC Regents Endorse Bond Measures

The University of California Board of Regents today (May 16) endorsed the Facilities Bond Acts of 2002 and 2004, which would provide funding for K-12 and higher education facility needs over the next four years.

The 2002 Bond Act, which goes before voters this November, would authorize more than $11.4 billion for K-12 and $1.65 billion for higher education capital projects. The 2004 Bond Act would authorize $10 billion for K-12 and $2.3 billion for higher education.

AB 16, the measure by Assemblyman Robert M. Hertzberg (D-Van Nuys) that created the bond issues, also authorizes $651.3 billion in lease revenue bond funding for higher education that does not require voter approval.

In all, AB 16 authorizes a total of $27 billion in general obligation bond funds over four years to help fund K-12 and higher education facility needs. The measure received overwhelming bipartisan support in the Legislature.

"If passed by California's voters, the two bond measures will provide funding to accommodate enrollment growth, improve the seismic safety of many UC buildings and modernize many outdated facilities," UC President Richard C. Atkinson said. "I believe it represents a crucial investment in California's future."

UC would receive approximately $345 million per year for capital outlay for the four-year period covered by the Bond Acts.

The California State University and the California Community Colleges would also receive capital projects funding.

Over the next four years, the University of California's projected capital needs total $600 million per year. The university expects enrollment growth of approximately 63,000 additional students between 2000-2010.

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