Two bond measures totaling $1.2 billion will be considered by California voters in November. The Legislature soon must decide which, if any, additional general obligation bond measures to place on the November 1994 ballot. The following factors must be considered as the Legislature makes these decisions. (1) Tens of billions of dollars will be needed over the next five years to meet the state’s identified capital outlay needs; (2) Only $1.3 billion of previously authorized general; obligation bonds are available to address these needs; (3) How well the state addresses its capital outlay needs will influence the state’s future competitiveness and economic growth, and Californians’ quality of life; (4) the state’s annual debt burden has risen sharply in recent years. These debt costs are a direct trade-off to using General Fund monies for support of other state programs.