(a) Notwithstanding any other provision of law, all revenue bonds issued or sold by the State in an amount either singly or in the aggregate over two billion dollars ($2,000,000,000) for any single project financed, owned, operated, or managed by the State must first be approved by the voters at a statewide election. "State" means the State of California, any agency or department thereof, and any joint powers agency or similar body created by the State or in which the State is a member. "State" as used herein does not include a city, county, city and county, school district, community college district, or special district. For purposes of this section, "special district" refers only to public entities formed for the performance of local governmental functions within limited boundaries.(b) A single project for which state revenue bonds are issued or sold in an amount over two billion dollars ($2,000,000,000) may not be divided into, or deemed to be, multiple separate projects in order to avoid the voter approval requirements contained in this section. For purposes of this section, multiple allegedly separate projects shall be deemed to constitute a single project including, but not limited to, in the following circumstances: (1) Where the allegedly separate projects will be physically or geographically proximate to each other; or(2) Where the allegedly separate projects will be physically joined or connected to each other; or(3) Where one allegedly separate project cannot accomplish its stated purpose without the completion of another allegedly separate project.(c) The two billion dollar ($2,000,000,000) threshold contained in this section shall be adjusted annually to reflect any increase or decrease in inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U) published by the United States Bureau of Labor Statistics. The Treasurer's Office shall calculate and publish the adjustments required by this subdivision.Cal. Const. art. XVI § 1.6
Added by Proposition 53, approved by the voters at the November 8, 2016 election.