Argument in Favor of Proposition 32

The Cal-Vet Farm and Home Loan Program was established after World War I to help veterans in establishing livelihoods and homes following active military service to their country. Since then, more than 400,000 wartime veterans have been assisted by this self-supporting Program. The Program, which has earned the consistent support of voters for 79 years, is a working memorial to the veterans of California.

Voter-approved general obligation bonds finance the Program and are repaid by the veterans. Veteran loan holders are charged interest on their loans at the lowest rates that will cover all costs, including redemption of general obligation bonds, debt service, and all program administrative charges. The Program is operated entirely without cost to the California taxpayer.

To ensure that deserving California veterans receive the best possible service under the Cal-Vet Program, the Legislature recently directed the Department of Veterans Affairs, which administers the Program, to establish all systems, procedures, technologies and guidelines necessary to achieve efficient loan processing at a pace competitive with private-sector services. The Governor, the Legislature, the Treasurer, and the California Veterans Board all actively oversee the Program.

The last Cal-Vet bond measure appeared on the 1996 ballot and received strong voter support. Proposition 32 is needed now to ensure that the Cal-Vet Program will be able to meet the future needs of veterans. The Legislature placed this act on the ballot, at the request of Governor Davis, with no negative votes, sending the measure to voters with a vote of 76-0 in the Assembly and 36-0 in the Senate.

We urge you to vote FOR Proposition 32, the Veterans' Bond Act of 2000. The success of this measure will enable California's wartime veterans to purchase farms and homes here with low interest rates and at no cost to you. Our veterans deserve no less.

ASSEMBLYMAN JOHN A. DUTRA, Chair
Assembly Committee on Veterans Affairs
SENATOR K. MAURICE JOHANNESSEN, Chair
Senate Committee on Veterans Affairs