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California Proposition 88, Deposit of Public Moneys (1988)

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California Proposition 88 was on the November 8, 1988 statewide ballot in California as a legislatively-referred constitutional amendment, where it was approved.

Proposition 88 authorized the California State Legislature to permit the deposit of public moneys in federally insured industrial loan companies located in California.

Election results

Proposition 88
ResultVotesPercentage
Approveda Yes 6,514,145 74.8%
No2,194,93225.2%

Constitutional changes

Proposition 88 amended Section 11 of Article XI of the California Constitution.

Text of measure

Title

The ballot title was:

Deposit of public moneys. Legislative Constitutional Amendment.

Summary

The official summary said:

"Currently, the State Constitution authorizes the Legislature to provide for the deposit of public moneys in any bank, savings and loan association, or in any credit union in California. This measure amends the State Constitution to authorize the Legislature to provide for the deposit of public moneys in any federally insured industrial loan company in California."

Fiscal impact

See also: Fiscal impact statement

The fiscal estimate provided by the California Legislative Analyst's Office said:

"By itself, this measure has no direct fiscal effect. The legislation to implement this measure could result in greater interest income to the state and local governments by increasing competition for the deposit of public moneys."

Path to the ballot

The California State Legislature voted to put Proposition 88 on the ballot via Assembly Constitutional Amendment 63 (Statutes of 1988, Resolution Chapter 59).

Votes in legislature to refer to ballot
Chamber Ayes Noes
Assembly 70 1
Senate 37 0

External links

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