DEPOSIT OF PUBLIC MONEYS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Currently, the State Constitution authorizes the Legislature to provide for the deposit of public moneys in any bank, savings and loan association, or in any credit union in California. This measure amends the State Constitution to authorize the Legislature to provide for the deposit of public moneys in any federally insured industrial loan company in California. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: No direct fiscal effect. However, adoption could result in greater interest income to the stat and local governments by increasing competition for the deposit of public moneys.
Legislative Vote Results
Assembly - Ayes, 70; Noes, 1 -- Senate - Ayes, 37; Noes, 0
Popular Vote Results
Y: 6514145; A: 74.8; N: 2194932; B: 25.2
Assembly Constitutional Amendment
Code Sections Affected
Amended Cal. Const. art. XI, section 11
Patrick Johnston, Member of the Assembly, 26th District; John Lewis, Member of the Assembly, 67th District; Gray Davis, State Controller
Deposit Of Public Moneys. California Proposition 88 (1988).