Senate Constitutional Amendment 34. Amends Section 16 ½ Article XI of Constitution/ Authorizes state, county or municipality to deposit moneys in national banks within state, or banks organized under laws thereof, as permitted by any law adopted by initiative or by two-thirds vote of each house of legislature approved by governor and subject to referendum, and, when issuing bonds, in banks outside state to pay principal or interest thereof where payable; eliminates provisions requiring security for deposits, interest thereon and limiting amounts thereof, continuing present laws governing deposits until amended or repealed.
Popular Vote Results
Y: 239203; A: 56.9; N: 180856; B: 43.1
Senate Constitutional Amendment
Code Sections Affected
Amended Cal. Const. art. XI, section 16 1/2.
Edward J. Tyrrell, State Senator Sixteenth District; Lyman M. King, State Senator Thirtieth District
DEPOSIT OF PUBLIC MONEYS California Proposition 2 (1918).