Proposition Summary
VETERANS’ BOND ACT OF 2008. This act provides for a bond issue of nine hundred million dollars ($900,000,000) to provide loans to California veterans to purchase farms and homes. Appropriates money from the state General Fund to pay off the bonds, if loan payments from participating veterans are insufficient for that purpose. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: 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.
Proposition Number
12
Year
2008
Document Type
Proposition
Pass/Fail
Pass
Popular Vote Results
Y:7807630;A:63.6;N:4481196;B:36.4
Election Type
General Election
Proposition Type
Bond Act Act
For Author
SENATOR MARK WYLAND, Chairman, Senate Committee on Veterans Affairs; ASSEMBLYMAN GREG AGHAZARIAN; ASSEMBLYMAN TONY STRICKLAND
Against Author
GARY WESLEY
Rebuttal Against Author
SENATOR MARK WYLAND, Chairman, Senate Committee on Veterans Affairs; ASSEMBLYMAN GREG AGHAZARIAN; ASSEMBLYMAN TONY STRICKLAND
Recommended Citation
VETERANS' BOND ACT OF 2008. California Proposition 12 (2008).
https://repository.uclawsf.edu/ca_ballot_props/1292