Initiative 122, a ballot measure proposing to raise property taxes in Seattle to create a publicly financed elections program, has passed. The “Honest Elections Seattle” measure imposes a $30 million tax levy over a 10 year period, granting citizens four $25 “democracy vouchers” to use towards the campaigns of city candidates.

Initiative 122 also bans contributions from corporations with medium-sized and large city contracts as well as corporations who lobby city officials. Contribution limits are lowered under the measure, from $700 per election cycle to $500.

The initiative becomes effective upon enactment by the city council.