California Proposition 46 (2002)
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Proposition 46 was a proposition in the U.S. state of California on the November 5, 2002 ballot. The official title was "Housing and Emergency Shelter Trust Fund Act of 2002". It passed successfully 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 state legislature on SB 1227.
The question before voters was:
- Should the state create a trust fund by selling two billion one hundred million dollars ($2,100,000,000) in general obligation funds to fund twenty-one types of housing programs—including multifamily, individual and farmworker housing?
See also: List of California ballot propositions 2000-present
[edit] Official summary
- Creates trust fund to: provide shelters for battered women; 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.
