ALTERNATIVE ENERGY SOURCES FACILITIES FINANCING. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Authorizes Legislature to provide for the issuance of revenue bonds to finance the acquisition, construction, and installation of alternative energy source facilities and for the lease or sale of such facilities to persons, associations, or corporations, other than municipal corporations. Provides that such revenue bonds shall not be secured by the taxing power of the state. Provides that the Legislature may, by resolution adopted by either house, prohibit or limit any proposed issuance of such bonds. Provides measure does not authorize any public agency to operate industrial or commercial enterprises. Fiscal impact on state or local governments: No direct fiscal effect. If revenue bonds are authorized in future by Legislature, indirect fiscal effects could possibly be increase in state and local bond interest costs, loss of state income tax revenues to the extent the bonds displace private financing, and increases in revenue from increased economic activity.
Popular Vote Results
Y: 2896767; A: 50.2; N: 2874309; B: 49.8
Assembly Constitutional Amendment
Code Sections Affected
Amended Cal. Const. art. XVI, section 14.5
ALTERNATIVE ENERGY SOURCES FACILITIES FINANCING. California Proposition 8 (1980).