Voter Information Guide (VIG)




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PROP
12

VETERANS’ BOND ACT OF 2008.

SUMMARY                                                        Put on the Ballot by the Legislature

This act provides for a bond issue of nine hundred million dollars ($900,000,000) to provide farm and home aid for California veterans. 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.

WHAT YOUR VOTE MEANS

YES   A YES vote on this measure means: The state would be able to issue $900 million in general obligation bonds to provide loans for the veterans’ farm and home purchase (Cal-Vet) program.

 

NO   A NO vote on this measure means: The state would not be able to issue these bonds for this purpose.

ARGUMENTS

PRO   The time-honored Cal-Vet Home Loan Program helps veterans to purchase homes in California at no expense to taxpayers. Voter approved bonds finance the Program and are repaid, along with all program costs, by the loan holders. This measure would replenish the program’s funding. We urge your support.

 

CON   Proposition 12 would authorize the sale of another $900 million in bonds to provide low-interest home (and farm) loans to “veterans.” Voters may wish to end the program or insist that it be limited to the most needy and deserving veterans—such as those injured in combat.


FOR ADDITIONAL INFORMATION

FOR
JP Tremblay or Jerry Jones
California Dept. of Veterans Affairs
1227 O Street
Sacramento, CA 95814
(916) 653-2192
www.cdva.ca.gov

  

AGAINST
Gary Wesley
Attorney at Law
707 Continental Circle
Mountain View, CA 94040
(408) 882-5070
gwesley00@yahoo.com


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