Secretary of State Alex Padilla announced this week that an initiative to fund K-12 school facilities is eligible for the November 2016 general election ballot.

The initiative would authorize $9 billion in general obligation bonds. Approximately $3 billion would be used for new construction; $3 billion for modernization of K-12 public school facilities; $1 billion for charter schools and vocational education facilities; and $2 billion for California Community Colleges facilities.

The initiative appropriates money from the general fund to pay off bonds. According to the Legislative Analyst and Director of Finance, the initiative will cost the State General Fund approximately $17.6 billion to pay off principal ($9 billion) and interest ($8.6 billion) on bonds over a period of 35 years. Annual payments would average $500 million.