Proposition Summary

Legislative Constitutional Amendment. If general obligation bonds of State heretofore or hereafter authorized are offered for sale and not sold, Legislature may by two-thirds vote raise maximum rate of interest on all unsold bonds. Ratifies legislation increasing maximum rate of interest on bonds from 5% to 7% and eliminating maximum rate on bond anticipation notes,

Proposition Number

7

Year

1970

Document Type

Proposition

Pass/Fail

Pass

Popular Vote Results

Y: 2439131; A: 56.2; N: 1901820; B: 43.8

Election Type

Primary

Proposition Type

Senate Constitutional Amendment

Code Sections Affected

Amended Cal. Const. art. XVI, section 1

For Author

Gordon Cologne, State Senator; Carley V. Porter, State Assemblyman; Frank D. Nicol, Director, Department of Veterans Affairs

Against Author

John A. Nejedly, Senator, 7th District

Rebuttal Author

John A. Nejedly, Senator, 7th District

Rebuttal Against Author

Gordon Cologne, State Senator; Carley V. Porter, State Assemblyman; Frank D. Nicol, Director, Department of Veterans Affairs

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