California Proposition 32 (2000)
From Ballotpedia
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California Proposition 32 was also known as the Veterans' Bond Act of 2000. It appeared on the November 7, 2000 ballot in California. It passed with a healthy margin. 6,709,560 (67.2%) voted in favor and 3,278,248 (32.8%) voters said "no".
Proposition 32 authorized California to sell $500 million in general obligation bonds for the Cal-Vet program, a program that provides funding for veterans who live in California to receiving loans to purchase primary residences.
The ballot measure was placed on the state ballot by the California State Legislature through the state's legislative referral process.
Ballot language
The ballot title read:
- This act provides for a bond issue of five hundred million dollars ($500,000,000) to provide farm and home aid for California veterans.
- Appropriates money from state General Fund to pay off bonds, if costs not offset by payments from participating veterans.
Fiscal impact estimate
The California Legislative Analyst's Office provided an estimate of net state and local government fiscal impact for Proposition 32. That estimate was:
- Costs of about $858 million to pay off both the principal ($500 million) and interest (about $358 million) on the bonds; costs paid by participating veterans.
- Average payment for principal and interest of about $34 million per year for 25 years.
Path to the ballot
Proposition 32 was voted onto the ballot by the California State Legislature via Assembly Bill 2305 (Statutes of 2000, Ch. 51).
- The vote to put it on the ballot in the California State Assembly was 76 affirmative votes and 0 negative votes.
- The vote in the California State Senate was unanimous: 36 "yes" and 0 "no."
See also
External links
- Official Voter Guide summary to Proposition 32
- Official ballot title of Proposition 32
- Full text of Proposition 32
- Smart Voter on Proposition 32
- Cal Voter on Prop 32
