Proposition Summary

TRANSFER OF FUNDS BY LOCAL GOVERNMENTS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. The Constitution provides exceptions from the lending of credit and gift restrictions for the making of specified temporary transfers of funds to counties, cities, districts, and other political subdivisions to meet their obligations incurred for maintenance purposes. Presently funds so transferred may not exceed 85 percent of "taxes" accruing to the political subdivision and must be replaced from "taxes" accruing before any other obligations are met from "taxes." This amendment modifies the limitation to 85 percent of "anticipated revenues" and requires repayment from "revenues" accruing before any other obligations are met from "revenues." Summary of Legislative Analyst's estimate of net state and local government fiscal impact: No direct state or local fiscal impact. As described in Analyst's estimate, when larger amounts of money are loaned it could reduce the interest costs of the borrowing local agency and, conversely, reduce the interest that would normally otherwise be earned by the nonborrowing local agencies.

Proposition Number

8

Year

1982

Document Type

Proposition

Pass/Fail

Pass

Legislative Vote Results

Assembly - Ayes, 63; Noes, 0 -- Senate - Ayes, 37; Noes, 0

Popular Vote Results

Y: 3367595; A: 51.0; N: 3236686; B: 49.0

Election Type

General Election

Proposition Type

Assembly Constitutional Amendment

Code Sections Affected

Amended Cal. Const. art. XVI, section 6

For Author

Lawrence Kapiloff, Member of the Assembly, 78th District

Against Author

Timothy D. Weinland, Attorney at Law

Rebuttal Author

Timothy D. Weinland, Attorney at Law

Rebuttal Against Author

Lawrence Kapiloff, Member of the Assembly, 78th District

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