California Proposition 7, Interest Rates on Bonds Amendment (June 1970)

California Proposition 7

Election date
June 2, 1970
Topic
Bond issues
Status
a Approved
Type
Constitutional amendment| Origin
State legislature

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California Proposition 7 was on the ballot as a legislatively referred constitutional amendment in California on June 2, 1970. It was approved.

A “yes” vote supported allowing the legislature to approve, by a 2/3 vote. raising the maximum rate of interest on all unsold bonds and eliminating the maximum interest rate on bond anticipation notes.

A “no” vote opposed allowing the legislature to approve, by a 2/3 vote. raising the maximum rate of interest on all unsold bonds and eliminating the maximum interest rate on bond anticipation notes.

## Contents

* 1 Election results
* 2 Path to the ballot
* 3 External links
* 4 Footnotes

## Election results[edit]

California Proposition 7

Result | Votes | Percentage

Yes

| 2,439,131 | 56.19%
No | 1,901,820 | 43.81%

Results are officially certified.
Source

## Text of measure

### Ballot title

The ballot title for Proposition 7 was as follows:

“| Interest Rate on State Bonds| ”

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### Ballot summary

The ballot summary for this measure was:

“|  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,| ”

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### Full Text

The full text of this measure is available here.

## Path to the ballot[edit]

See also: Amending the California Constitution

A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.

## See also

1970 Measures

* 1970 Measures
* Bond issues on the ballot
* 1970 legislative sessions

California

* California ballot measures
* California ballot measure laws

News and analysis

* Ballot measure lawsuits
* Ballot measure readability
* Ballot measure polls

## External links[edit]

* California Voter Guide (June 1970)

## Footnotes[edit]

v • e

1970 ballot measures

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v • e

State of California
Sacramento (capital)

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