California Proposition 7, Interest Rates on Bonds Amendment (June 1970)
| California Proposition 7 | |
|---|---|
 | |
| Election date June 2, 1970 | |
| Topic Bond issues | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 7 was on the ballot as a legislatively referred constitutional amendment in California on June 2, 1970. It was approved.
A “yes” vote supported allowing the legislature to approve, by a 2/3 vote. raising the maximum rate of interest on all unsold bonds and eliminating the maximum interest rate on bond anticipation notes. |
A “no” vote opposed allowing the legislature to approve, by a 2/3 vote. raising the maximum rate of interest on all unsold bonds and eliminating the maximum interest rate on bond anticipation notes. |
Election results
|
California Proposition 7 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
2,439,131 | 56.19% | ||
| No | 1,901,820 | 43.81% | ||
Text of measure
Ballot title
The ballot title for Proposition 7 was as follows:
| “ | Interest Rate on State Bonds | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Legislative Constitutional Amendment. If general obligation bonds of State heretofore or hereafter authorized are offered for sale and not sold, Legislature may by two-thirds vote raise maximum rate of interest on all unsold bonds. Ratifies legislation increasing maximum rate of interest on bonds from 5% to 7% and eliminating maximum rate on bond anticipation notes, | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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