California Proposition 142, Veterans Home Loan Bond Measure (1990)
| California Proposition 142 | |
|---|---|
 | |
| Election date November 6, 1990 | |
| Topic Bond issues and Veterans | |
| Status | |
| 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 | ||
|
|
4,153,879 | 59.01% | ||
| No | 2,884,851 | 40.99% | ||
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:
| “ |
| ” |
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
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
- ↑ University of California, "Voter Guide," accessed July 21, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
 |
State of California Sacramento (capital) |
|---|---|
| Elections |
What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures |
| Government |
Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy |