California Proposition 32, Bonds for Veterans (2000)
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.
Text of measure
The ballot title was:
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.
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|
- Official Voter Guide summary to Proposition 32
- Official ballot title of Proposition 32
- Official declaration of the November 7, 2000 vote (dead link)
- Full text of Proposition 32
- Smart Voter on Proposition 32
- Cal Voter on Prop 32