Initiative amendment to section 16 ½ of article XI of constitution. Present section unchanged Except in following particulars: Authorizes banks in which public moneys are deposited to furnish, as security, bonds of districts within municipalities or of a corporation qualified to act as sole surety on bonds or undertakings, to an amount in value, or with a penalty, of at least ten per cent over amount of deposit; provides that no deposit under section shall exceed at any time fifty per cent of paid up capital and surplus of depository bank.
Popular Vote Results
Y: 236573; A: 42.2; N: 324558; B: 57.8
Leslie E. Burks
L. H. Roseberry
DEPOSIT OF PUBLIC MONEYS California Proposition 45 (1914).