DEPOSIT OF PUBLIC MONEYS IN CREDIT UNIONS, LEGISLATIVE CONSTITUTIONAL AMENDMENT. The California Constitution currently provides that Legislature may provide for the deposit of public moneys in any bank or savings and loan association in this state. This measure authorizes the Legislature to also provide for the deposit of public moneys in any credit union in this state. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: By itself, this measure has no direct fiscal effect. Legislation already approved to implement this measure could result in greater interest income to state and local governments by increasing competition for the deposit of public moneys.
Legislative Vote Results
Assembly - Ayes, 69; Noes, 3 -- Senate - Ayes, 34; Noes, 0
Popular Vote Results
Y: 2796049; A: 65.8; N: 1452804; B: 34.2
Assembly Constitutional Amendment
Code Sections Affected
Amended Cal. Const. art. XI, section 11
Alister McAlister, Member of the Assembly, 18th District; Leon L. Williams, Supervisor, 4th District County of San Diego; Roy D. Bysegger, City Manager City of Crescent City
Thomas C. Rupert, City Treasurer City of Torrance; Donald Tarnow, Immediate Past President California Municipal Treasurers Association; Liane C. Scott, President California Municipal Treasurers Association
Rebuttal Against Author
Alister McAlister, Member of the Assembly, 18th District; Hal E. Brewer, Director of Finance, City of Riverside
Deposit Of Public Moneys In Credit Unions. California Proposition 45 (1986).