Secretary of State No.
"RACING. Initiative measure. Creates board, appointed by Governor, to regulate and license horse racing and Pari-Mutuel betting within race track enclosure; limits racing period at each track; prohibits licensing racing at tracks constructed, without board's approval, after November 1, 1926; limits licensee's return to nine per cent on capital invested; prescribes as license fees five hundred dollars each race day and licensee's net profits above return allowed; appropriates fees to board's salaries and expenses, dividing balance equally between Veterans' Welfare Board and State Agricultural Board; authorizes licenses for limited period at county fairs or agricultural exhibits."
Racing California Initiative 1926-r-1 (1926).