California Proposition: 12
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.
Yes
Side Score: 2
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No
Side Score: 0
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If passed, proposition 12 would give $900m in loans to veterans to buy farms and houses. This is the 27th time California voters have been asked to consider proposition 12. The other 26 times, voters have approved it. The program's costs will be repaid by the veterans who get the loans. New jobs in the housing industry will be created by the veterans, and those buying farms will contribute to local agriculture. |
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