This chapter shall be known and may be cited as the Higher Education Facilities Bond Act of 1988.
(Added by Stats. 1988, Ch. 44, Sec. 1. Approved in Proposition 78 at the November 8, 1988, election.)
The Legislature finds and declares all of the following:
(a) California’s economic and social prosperity relies on a higher education system that keeps pace with California’s growth. In the coming decades, the state’s economic prosperity will depend on increasing the productivity of the work force and on the ability to compete successfully in the world marketplace.
(b) The system of public higher education in this state includes the University of California, the California State University, the California community colleges, and the California Maritime Academy. Each of these institutions plays a vital role in maintaining California’s dominance in higher education in the United States.
(c) Over the last several years, studies have been completed by the University of California, the California State University, and the California community colleges to assess their long-term and short-term capital needs, which studies demonstrate that these needs total, in the aggregate, several billion dollars.
(d) The purpose of the Higher Education Facilities Bond Act of 1988 is to assist in meeting the capital outlay financing needs of California’s public higher education system.
(Added by Stats. 1988, Ch. 44, Sec. 1. Approved in Proposition 78 at the November 8, 1988, election.)
As used in this chapter, the following terms have the following meanings:
(a) “Committee” means the Higher Education Facilities Finance Committee created pursuant to Section 67353.
(b) “Fund” means the 1988 Higher Education Capital Outlay Bond Fund created pursuant to Section 67333.
(Added by Stats. 1988, Ch. 44, Sec. 1. Approved in Proposition 78 at the November 8, 1988, election.)