Attorney General No.
Secretary of State No.
PUBLIC OIL AND GAS CORPORATION. INITIATIVE STATUTE. Establishes a corporation as public state agency. Corporation is empowered to: produce, develop, purchase, and sell gas, oil, and specified fuels; assure adequate supplies of these with maximum environmental protection; and undertake other specified activities. With designated limitations, upon corporation's request, it will be granted development rights on state lands by the state agency with authority over the land upon determination by state agency that this is more beneficial than other development offers. Corporation may issue revenue bonds. Corporation annually to pay State sixty percent of net revenues plus other specified surplus revenues. Fiscal impact on state and local governments: An unknown impact on state revenues. Possibly a loss to local governments in property tax revenues of an unknown amount.
Ben W. Franklin, 8029 Fair Oaks Blvd., Carmichael, Ca 95608
Failed to Qualify
Public Oil And Gas Corporation California Initiative 240 (1980).