Attorney General No.

SA79RF0125

Secretary of State No.

241

Description

PUBLIC ENERGY CORPORATION. INITIATIVE STATUTE. Creates California Energy Self-Reliance Public Corporation. Defines purposes of corporation. Corporation may buy, sell, develop, produce, market, finance, and invest in petroleum products, and develop renewable energy sources. Corporation has right to develop oil and gas on State-owned lands or receive payments from private industry producing from grants thereof made after November 4, 1980. Corporation shall receive one-half of revenues in excess of $100,000,000 per year from development of previously-leased lands to a total of $500,000,000. Corporation may issue bonds and other evidences of indebtedness payable solely from corporation revenues. Fiscal impact on state or local government: Will divert a minimum of $500,000,000 of oil and gas revenues from state-owned land to the public corporation. There is an unknown possible loss of personal income tax revenue if tax exempt bonds of the corporation displace private bonding for energy projects. Potentially an unknown portion of corporation's revenue in excess of that needed for its purposes will be returned to state's general fund. Property of the corporation exempt from property taxes will cause an unknown loss of property tax revenues to local governments.

Proponents

Wallace B. Knox, 1917 N. Hobart, Los Angeles, Ca 90027; Richard Parker, 1045 1/2 York Street, San Francisco, Ca 94110; Jeanine Hull, 1230 Green Street, San Francisco, Ca 94109

Date

2-19-1980

Document Type

Initiative

Qualified

Failed to Qualify

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