Proposition Summary

Initiative amendment to section 16 ½ of article XI of constitution. Present section unchanged Except in following particulars: Authorizes banks in which public moneys are deposited to furnish, as security, bonds of districts within municipalities or of a corporation qualified to act as sole surety on bonds or undertakings, to an amount in value, or with a penalty, of at least ten per cent over amount of deposit; provides that no deposit under section shall exceed at any time fifty per cent of paid up capital and surplus of depository bank.

Proposition Number

45

Year

1914

Document Type

Proposition

Pass/Fail

Fail

Popular Vote Results

Y: 236573; A: 42.2; N: 324558; B: 57.8

Election Type

General Election

Proposition Type

Initiative

For Author

Leslie E. Burks

Against Author

L. H. Roseberry

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