When it comes to bond measures in this state, voters have to be wary.

While the state has substantial needs, these days it also has enormous bond-related debt.

Fortunately, Proposition 12 on the Nov. 4 ballot is the rare bond that actually includes a mechanism to pay for itself. More importantly, this measure is designed to support our military veterans and their families.

The Register editorial board heartily endorses a yes vote on Proposition 12.

Proposition 12 would obligate the state to issue some $900 million in bonds to help veterans and their families acquire homes, mobile homes and farms. When the vets pay off the loans, the state is made whole.

That has been the history of the Cal-Vet program since the state began providing this valuable service in the wake of World War I. Over the years, California has provided $8.4 billion in bonds to vets, but the program has just $102 million in the bank now. Thus the need for the influx of funds, estimated to provide loans for 3,600 families.

According to the state legislative analyst, “Throughout its history, the Cal-Vet program has been totally supported by the participating veterans, at no direct cost to the taxpayer.”

The analyst goes on to say taxpayers would have to cover the difference if the vets come up short. We think our vets are a good bet, and they’ve proved it with this program since 1921.

Vote yes on Proposition 12.