Initiative Constitutional Amendment. Requires State issue weekly at least thirty $1.00 warrants for life to electors fifty years old, neither employer nor employee, redeemable annually in cash, provided stamps sold by State affixed thereon weekly; warrants receivable for all obligations due State or political subdivisions, and some due therefrom. Incorporates Sales, Use Tax Acts. Enacts 3% gross income tax. Creates State bank to handle warrants; made sole depository for all public funds; requires $20,000,000 bond issue for initial capital. Permits Administrator propose amendments, calling elections thereon. Creates Economics Board. Prohibits courts interfering with administration.
Popular Vote Results
Y: 993204; A: 33.9; N: 1933557; B: 66.1
Roy G. Owens, Engineer-Economist RETIREMENT LIFE PAYMENTS ASSOCIATION
Mrs. James K. Lytle, President, California Congress of Parents and Teachers; U. S. Webb, Former Attorney General of California; J. Ray Files, Los Angeles Attorney at Law
RETIREMENT WARRANTS California Proposition 1 (1939).