California Proposition 142, Veterans Home Loan Bond Measure (1990)

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California Proposition 142
Flag of California.png
Election date
November 6, 1990
Topic
Bond issues and Veterans
Status
Approveda Approved
Type
Bond issue
Origin
State Legislature

California Proposition 142 was on the ballot as a bond issue in California on November 6, 1990. It was approved. Californians first approved a series of ballot propositions to fund veterans' home loans in 1921. At the time of the election, Californians had approved a total of $7.1 billion in bonds to finance the Cal-Vet program of farm and home purchase assistance for veterans.

A "yes" vote supported issuing $400 million in bonds for home loans for veterans through the Cal-Vet program.

A "no" vote opposed issuing $400 million in bonds for home loans for veterans through the Cal-Vet program.


Election results

California Proposition 142

Result Votes Percentage

Approved Yes

4,153,879 59.01%
No 2,884,851 40.99%
Results are officially certified.
Source


Text of measure

Ballot title

The ballot title for Proposition 142 was as follows:

Veterans' Bond Act of 1990

Ballot summary

The ballot summary for this measure was:

  • This act provides for a bond issue of four hundred million dollars ($400 million) to provide farm and home aid for California veterans.

Full Text

The full text of this measure is available here.

Fiscal impact

The fiscal estimate provided by the California Legislative Analyst's Office said:[1]

Direct Cost of Paying Off the Bonds. The bonds authorized by this measure probably would be paid off over a period of up to 25 years. Assuming all of the authorized bonds are sold at an interest rate of 7.5 percent, the cost would be about $900 million to pay off both the principal ($400 million) and interest (about $500 million). The average payment for principal and interest would be about $37 million per year.

Throughout its history, the Cal-Vet program has been totally supported by the participating veterans, at no direct cost to the taxpayer. However, if the payments made by those veterans participating in the program do not fully cover the principal and interest payments on the bonds, the state's taxpayers would pay the difference.[2]

Path to the ballot

See also: Signature requirements for ballot measures in California

A simple majority vote was needed in each chamber of the California State Legislature to refer the measure to the ballot for voter consideration.

See also


External links

Footnotes

  1. University of California, "Voter Guide," accessed July 21, 2021
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.