Secretary of State No.
EXPROPRIATION OF OIL COMPANY ASSETS - INITIATIVE CONSTITUTIONAL AMENDMENT. Creates California Oil Council, which shall be sole entity to own, operate, control or manage specified facilities for production or transportation of petroleum in California. Council shall construct and implement plans to transfer ownership of all specified property owned and operated by private oil companies with assets over $25 million to people of State of California. Plans to be consistent with law of eminent domain, with exception that prior compensation for expropriations shall not be required. Council shall establish rates and prices for petroleum products produced based upon various specified costs. Financial impact: State revenues would be reduced substantially. Local property tax revenues would be reduced substantially. State administrative costs would be significantly increased. Court disapproval of the deferred payment provision for State acquisition of private oil properties would result in multi-billion dollar increase in state costs.
Barbara E. Lilly, 1043 E. Broadway, #E, Long Beach, Ca 90802 (213) 435-5284; Patrick John Mccorey, 110 Freeman, Long Beach, Ca 90814; Eugene E. Ruyle, 2917 E. Third Street, Long Beach, Ca 90814 (213) 439-5490; Mary Louise Cavalier, 21032 Strathmoor Lane, Huntington Beach, Ca 92646; John R. Kent, 21032 Strathmoor Lane, Huntington Beach, Ca 92646 (714) 968-6378
Failed to Qualify
Expropriation Of Oil Company Assets California Initiative 217 (1979).