California Proposition 32, Bonds for Veterans (2000)

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California Proposition 32, also known as the Veterans' Bond Act of 2000, was on the November 7, 2000 ballot in California as a legislatively-referred bond act, where it was approved.

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.

Election results

Proposition 32
ResultVotesPercentage
Approveda Yes 6,743,986 67.2%
No3,294,31032.8%

Text of measure

Logo of the Cal Vet loans program

Title

The ballot title was:

Veterans' Bond Act of 2000.

Summary

The official ballot summary that appeared on the ballot said:

  • 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

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).

Votes in legislature to refer to ballot
Chamber Ayes Noes
Assembly 76 0
Senate 36 0

See also

External links