Secretary of State Debra Bowen has certified a 10th measure for the November ballot that would authorize $5 billion in bonds to subsidize the purchase of alternative energy cars and renewable energy research.
The measure, sponsored by the Clean Energy Fuels Corp., would provide rebates to consumers purchasing high-fuel economy vehicles like the Toyota Prius or the Honda Civic, according to a campaign fact sheet.
Of the $5 billion in bonds, $2.875 billion would go to such consumer incentives. Another $1.25 billion would go to the generation of solar and other renewable energy and $875 million would go to research, development and education of alternative energy and alternative-energy vehicles.
The campaign received more than $1.5 million from Clean Energy Fuels Corp. to gather signatures for the measure. On Tuesday, the secretary of state certified that the campaign had gathered more than the 433,971 valid signatures necessary to qualify for the ballot.
Here's the official title and summary:
BONDS. ALTERNATIVE FUEL VEHICLES AND RENEWABLE ENERGY. STATUTE. Authorizes $5 billion in bonds paid from state's General Fund, allocated approximately as follows: 58% in cash payments of between $2,000 and $50,000 to purchasers of certain high fuel economy and alternative fuel vehicles; 20% in incentives for research, development and production of renewable energy technology; 11% in incentives for research and development of alternative fuel vehicle technology; 5% in incentives for purchase of renewable energy technology; 4% in grants to eight cities for education about these technologies; and 3% in grants to colleges to train students in these technologies. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: State costs of about $9.8 billion over 30 years to pay both the principal ($5 billion) and interest ($4.8 billion) costs on the bond. Payments of about $325 million per year. Increase in state sales tax revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to beyond 2018. Increase in local sales tax and VLF revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to about 2018-19. Potential state costs of up to about $10 million annually, through about 2018-19, for state agency administrative costs not funded by the measure. (Initiative 07-0101.)
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