Proposition Summary

DEPOSIT OF PUBLIC MONEYS IN CREDIT UNIONS, LEGISLATIVE CONSTITUTIONAL AMENDMENT. The California Constitution currently provides that Legislature may provide for the deposit of public moneys in any bank or savings and loan association in this state. This measure authorizes the Legislature to also provide for the deposit of public moneys in any credit union in this state. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: By itself, this measure has no direct fiscal effect. Legislation already approved to implement this measure could result in greater interest income to state and local governments by increasing competition for the deposit of public moneys.

Proposition Number

45

Year

1986

Document Type

Proposition

Pass/Fail

Pass

Legislative Vote Results

Assembly - Ayes, 69; Noes, 3 -- Senate - Ayes, 34; Noes, 0

Popular Vote Results

Y: 2796049; A: 65.8; N: 1452804; B: 34.2

Election Type

Primary

Proposition Type

Assembly Constitutional Amendment

Code Sections Affected

Amended Cal. Const. art. XI, section 11

For Author

Alister McAlister, Member of the Assembly, 18th District; Leon L. Williams, Supervisor, 4th District County of San Diego; Roy D. Bysegger, City Manager City of Crescent City

Against Author

Thomas C. Rupert, City Treasurer City of Torrance; Donald Tarnow, Immediate Past President California Municipal Treasurers Association; Liane C. Scott, President California Municipal Treasurers Association

Rebuttal Author

Thomas C. Rupert, City Treasurer City of Torrance; Donald Tarnow, Immediate Past President California Municipal Treasurers Association; Liane C. Scott, President California Municipal Treasurers Association

Rebuttal Against Author

Alister McAlister, Member of the Assembly, 18th District; Hal E. Brewer, Director of Finance, City of Riverside

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