New York Proposition 2, Debt for Limited-Profit Housing Companies Bond Measure (1958)
| New York Proposition 2 | |
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| Topic Debt limits and Housing development funding |
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| Status |
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| Type Bond issue |
Origin |
New York Proposition 2 was on the ballot as a bond issue in New York on November 4, 1958. It was approved.
A "yes" vote supported issuing $100 million in loans to limited-profit housing companies. |
A "no" vote opposed issuing $100 million in loans to limited-profit housing companies. |
Election results
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New York Proposition 2 |
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| Result | Votes | Percentage | ||
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1,156,093 | 50.48% | ||
| No | 1,133,936 | 49.52% | ||
Text of measure
Ballot title
The ballot title for Proposition 2 was as follows:
| “ | Shall chapter 956 of the laws of nineteen hundred fifty-eight, entitled "An act authorizing the creation of an additional state debt in the aggregate amount of one hundred million dollars for limited profit housing purposes under and pursuant to article eighteen of the constitution, authorizing the issuance and sale of bonds to said amount, authorizing loans to be made from the proceeds thereof to corporations limited as to profits and formed by private enterprise for the purpose of providing housing in one or two family attached or detached dwellings or in multiple dwellings under and pursuant to the provisions of the limited profit housing companies law, making an appropriation to the division of housing in the executive department and providing for the submission to the people of a proposition or question therefor to be voted upon at the general election to be held in November, nineteen hundred fifty-eight" be approved? | ” |
Path to the ballot
According to Section 11 of Article VII of the New York Constitution, the state's general obligation bonds require voter approval, except for certain short-term debts; debts to "repel invasion, suppress insurrection, or defend the state in war;" and debts to suppress wildfires.
A simple majority vote is required during one legislative session for the New York State Legislature to place a bond issue on the ballot. That amounts to a minimum of 126 votes in the New York State Assembly and 32 votes in the New York State Senate, assuming no vacancies. Bonds require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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State of New York Albany (capital) |
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