2008 California Proposition 12

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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

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. [1]

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. [2]

Supporters

Gov. Arnold Schwarzenegger

Arguments in favor

Newspaper editorials in favor

The Los Angeles Times [3]

Opponents

Arguments in opposition

Results

Electoral results by county 2008 California Proposition 12 results map by county.svg
Electoral results by county
Proposition 12 [6]
ChoiceVotes %
Check-71-128-204-brightblue.svg Yes7,807,63063.53
No4,481,19636.47
Valid votes12,288,82689.42
Invalid or blank votes1,454,35110.58
Total votes13,743,177100.00

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References

  1. KCBS, "Veterans Bond Act Placed On State Ballot", July 15, 2008
  2. "Sacramento Bee, "Proposition 12: Veterans Bond Act of 2008", September 17, 2008". Archived from the original on October 14, 2008. Retrieved October 7, 2008.
  3. Los Angeles Times, "Yes on California bonds; Bullet trains, children's healthcare and veterans' housing all deserve support", October 2, 2008
  4. "Proposition 12 Quick Reference". Archived from the original on 2008-10-08. Retrieved 2008-10-07.
  5. "California Prop 12, arguments pro and con". Archived from the original on 2008-10-08. Retrieved 2008-10-07.
  6. "Statement of Vote: 2008 General Election" (PDF). California Secretary of State. 2008-12-13. Archived from the original (PDF) on 2012-10-18. Retrieved 2009-02-21.

Further reading