Proposition Summary

DEPOSIT OF PUBLIC MONEYS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Currently, the State Constitution authorizes the Legislature to provide for the deposit of public moneys in any bank, savings and loan association, or in any credit union in California. This measure amends the State Constitution to authorize the Legislature to provide for the deposit of public moneys in any federally insured industrial loan company in California. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: No direct fiscal effect. However, adoption could result in greater interest income to the stat and local governments by increasing competition for the deposit of public moneys.

Proposition Number

88

Year

1988

Document Type

Proposition

Pass/Fail

Pass

Legislative Vote Results

Assembly - Ayes, 70; Noes, 1 -- Senate - Ayes, 37; Noes, 0

Popular Vote Results

Y: 6514145; A: 74.8; N: 2194932; B: 25.2

Election Type

General Election

Proposition Type

Assembly Constitutional Amendment

Code Sections Affected

Amended Cal. Const. art. XI, section 11

For Author

Patrick Johnston, Member of the Assembly, 26th District; John Lewis, Member of the Assembly, 67th District; Gray Davis, State Controller

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