California Proposition 46 (2002)
From Ballotpedia
California Proposition 46, also known as the Housing and Emergency Shelter Trust Fund Act of 2002, was on the November 5, 2002 statewide ballot in California as a legislatively-referred state statute, where it was approved.
- Yes: 4,064,648 (57.6%)
- No: 3,000,154 (42.4%)
Proposition 46 approved issuing $2.1 billion in general obligation bonds for housing projects.
Ballot question
Proposition 46 asked the question:
- 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?
Ballot summary
The ballot summary said:
- 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.
Fiscal impact
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."
See also
External links
- Official Voter Guide to the November 5 ballot propositions
- Analysis of Proposition 46 by the LAO
- Smart Voter information about Prop 46
- Official declaration of the November 5, 2002 vote
- Top Ten Donors to Proposition 46
