Senate Constitutional Amendment 17 amending section 31 of article I V of constitution. Present section unchanged but clause added authorizing legislature to provide land colonization system, establish rural credits system in aid of agriculture, authorize issuance of bonds secured by first mortgages on farms, declaring same exempt from taxation and acceptable as security for public deposits, provide for state participation in rural credits system by establishing trust fund, authorize trustees thereof to issue bonds guaranteed by state, upon securities thereof, and deal generally in rural credit bonds, Authorizes legislature to effect purposes of section notwithstanding contrary constitutional provisions.
Popular Vote Results
Y: 124247; A: 48.4; N: 132320; B: 51.6
Senate Constitutional Amendment
William E. Brown, State Senator Thirty-seventh District; L. J. Maddux, State Senator Twelfth District
J. W. Ballard, State Senator Thirty-eighth District
RURAL CREDITS California Proposition 5 (1915).
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