California Ballot Propositions Explained | Proposition 4 could be one of the largest investments California has ever made toward climate change. It would allow the state to borrow up to $10 billion in bonds to help combat droughts, wildfires and sea level rise. The bonds would cost about $400 million per year and take 40 years to pay off. Supporters say there is an urgent need for funding. Opponents say bonds are the most expensive way to pay for things, especially for a state that is facing a b