California Proposition 46 (2002)
Encyclopedia
Proposition 46 was a California ballot proposition
on the November 5, 2002 ballot. The official title was Housing and Emergency Shelter Trust Fund Act of 2002. It passed with 3,984,121 (57.6%) votes in favor and 2,942,851 (42.4%) against. It was placed on the ballot by a vote of the California State Legislature
on SB 1227.
The question before voters was:
Summary of Legislative Analyst's Estimate of Net State and Local Government
Fiscal Impact:
California ballot proposition
In California, a ballot proposition is a proposed law that is submitted to the electorate for approval in a direct vote . It may take the form of a constitutional amendment or an ordinary statute. A ballot proposition may be proposed by the State Legislature or by a petition signed by members of...
on the November 5, 2002 ballot. The official title was Housing and Emergency Shelter Trust Fund Act of 2002. It passed with 3,984,121 (57.6%) votes in favor and 2,942,851 (42.4%) against. It was placed on the ballot by a vote of the California State Legislature
California State Legislature
The California State Legislature is the state legislature of the U.S. state of California. It is a bicameral body consisting of the lower house, the California State Assembly, with 80 members, and the upper house, the California State Senate, with 40 members...
on SB 1227.
The question before voters was:
- Should the state create a trust fund by selling two billion one hundred million dollars ($United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
2,100,000,000) in general obligation funds to fund twenty-one types of housing programs—including multifamily, individual and farmworker housing?
Official summary
- Creates trust fund to: provide shelters for battered womenWomen's shelterA women's shelter is a place of temporary refuge and support for women escaping violent or abusive situations, such as rape, and domestic violence....
; clean and safe housing for low-income senior citizens; emergency shelters for homeless families with children; housing with social services for homeless and mentally ill; repairs/accessibility improvements to apartments for families and handicapped citizens; military veteran homeownership assistance; and security improvements/repairs to existing emergency shelters. - Funded by bond issue of two billion one hundred million dollars ($2,100,000,000).
- Makes cities and counties eligible to receive specified funds.
- Subjects expenditures to independent audit.
- Appropriates money from state General Fund to repay bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government
Fiscal Impact:
- State cost of about $4.7 billion over 30 years to pay off both the principal ($2.1 billion) and interest ($2.6 billion) costs on the bonds. Payments of about $157 million per year.