Assembly Constitutional Amendment 33. Amends Constitution Article XVI section 1. Prohibits Legislature creating State indebtedness over three hundred thousand dollars unless authorized by majority vote of people and unless providing for its retirement within forty years; requires bonds issued mature serially, first maturity being three years from issuance, but permits first maturity of bonds for revenue-producing utilities in fifteen years. Declares section shall not limit or prohibit issuance of bunds authorized but not sold, or to refund outstanding bonded indebtedness, or seventy-year bonds for acquisition, development or distribution of waters and water resources, including electric energy.
Popular Vote Results
Y: 490845; A: 36.1; N: 867686; B: 63.9
Assembly Constitutional Amendment
B. J. Feigenbaum; Michael J. Burns
STATE INDEBTEDNESS California Proposition 19 (1934).