California Proposition 46
, also known as the Housing and Emergency Shelter Trust Fund Act of 2002
, was on the November 5, 2002 statewide ballot
as a legislatively-referred bond act
, where it was approved.
Proposition 46 approved issuing $2.1 billion in general obligation bonds for housing projects.
| Proposition 46|
| Yes|| 4,064,648|| 57.6%|
Text of measure
The ballot title was:
Housing and Emergency Shelter Trust Fund Act of 2002.
The question on the ballot was:
- "Should the state create a trust fund by selling two billion one hundred million dollars ($2,100,000,000) in general obligation funds to fund twenty-one types of housing programs--including multifamily, individual and farmworker housing?"
The summary of the ballot measure prepared by the California Attorney General read:
- Creates trust fund to: provide shelters for battered women; clean and safe housing for low-income senior citizens; emergency shelters for homeless families with children; housing with social services for homeless and mentally ill; repairs/accessibility improvements to apartments for families and handicapped citizens; military veteran homeownership assistance; and security improvements/repairs to existing emergency shelters.
- Funded by bond issue of two billion one hundred million dollars ($2,100,000,000).
- Makes cities and counties eligible to receive specified funds.
- Subjects expenditures to independent audit.
- Appropriates money from state General Fund to repay bonds.
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:
- "State cost of about $4.7 billion over 30 years to pay off both the principal ($2.1 billion) and interest ($2.6 billion) costs on the bonds. Payments of about $157 million per year."
Path to the ballot
Proposition 46 was voted onto the ballot by the California State Legislature via Senate Bill 1227 of the 2001–2002 Regular Session (Chapter 26, Statutes of 2002).
| Votes in legislature to refer to ballot