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

California Proposition 7
	Election date; June 2, 1970
	Topic; Bond issues
	Status; Approved
Type; Constitutional amendment	Origin; State legislature

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.

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

”

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,

”

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.

External links[edit]

California Voter Guide (June 1970)

Footnotes[edit]

California Proposition 7

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

	v • e State of California Sacramento (capital)
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