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Proposition 12 appeared on the November 4, 2008 ballot in California. It is also known as the Veterans' Bond Act of 2008. The measure was legislatively referred to the ballot in Senate Bill 1572. The primary sponsor of SB 1572 was Senator Mark Wyland, R-Carlsbad. The vote to place the measure on the ballot was passed unanimously in both the California state senate (39-0) and assembly (75-0).
Contents
- Fiscal impact
- History of veterans bonds in California
- Supporters
- Arguments in Favor
- Newspaper editorials in favor
- Arguments in opposition
- Additional reading
- References
The ballot proposition passed in November and it authorizes issuance of $900 million in bonds to create a fund to assist veterans who are purchasing farms, homes and mobile home properties.
Fiscal impact
The non-partisan California Legislative Analyst's Office estimated the proposition will result in costs of about $1.8 billion to pay off both the principal ($900 million) and interest ($856 million) on the bonds; costs paid by participating veterans. Average payment for principal and interest of about $59 million per year for 30 years."
History of veterans' bonds in California
California began the veterans' home loan programs in 1922. California voters have subsequently been asked 27 times to fund the program and have voted "yes" all 26 times, for a total of $8.4 billion in the past. The 2008 effort was the 27th time voters were asked to support the program. Prop. 12's request for $900 million is the largest request for a Cal-Vet bond.
Supporters
Gov. Arnold Schwarzenegger
Arguments in Favor
Newspaper editorials in favor
The Los Angeles Times