California "Sustainable California State Bank" (2012)

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A California "Sustainable California State Bank" Initiative (#11-0051) had been approved for circulation in California as an initiated constitutional amendment. To earn a spot on the state's 2012 ballot, sponsors of the initiative must collect 807,615 signatures. The measure did not make it too the ballot.

If enacted, the measure would have:

  • Established a state-run bank.
  • Funded the state-run bank with $200 million from California's general fund.
  • Imposed a 15% minimum tax on oil and gas extracted in California, and used the funds generated by that tax to provide capital to the state-run bank.
  • Mandated deposit of certain state funds in the state bank.
  • Authorized public and private entities and individuals to establish accounts in the bank.
  • The state would have guaranteed the safety of deposits in the bank.
  • The bank would have been authorized to borrow money, invest funds, make loans to businesses, organizations, and local governments, and keep earnings.
  • The bank would have been authorized to refinance state debt and make zero-interest loans to the state's General Fund to finance operating deficits.

Three other initiatives had been approved for circulation in California that would impose a tax on oil.

Text of measure

See also: Ballot titles, summaries and fiscal statements for California's 2012 ballot propositions

Ballot title

State Bank. Tax on California Oil and Gas. Initiative Constitutional Amendment.[1]

Official summary

Establishes state bank, initially funded by $200,000,000 General Fund loan. Imposes 15 percent minimum tax on value of oil and gas extracted in California, for state bank capital. Mandates deposit of certain state funds in state bank, and authorizes public and private entities and individuals to establish accounts. State guarantees deposits. Authorizes state bank to borrow money, invest funds, make loans to businesses, organizations, and local governments, and keep earnings. Authorizes state bank to refinance state debt and make zero-interest loans to General Fund to finance operating deficits.[1]

Estimated fiscal impact

(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)

Possible increases in state revenues of $3 billion or more per year initially, which could be used to establish a state bank. Possible, but unknown, decreases in other state and local revenues could result.[1]

Path to the ballot

See also: California signature requirements
  • Jeffrey L. Heaton submitted a letter requesting a ballot title on October 13, 2011.
  • The ballot title and ballot summary were issued by the Attorney General of California's office on December 7, 2011.
  • 807,615 valid signatures were required for qualification purposes.
  • The 150-day circulation deadline for #11-0051 was May 7, 2012.
  • However, to qualify for the November 6, 2012 ballot, signatures were required to be submitted earlier than the initiative's 150-day deadline. If the number of signatures submitted had been such that the full-check verification method must be deployed, the signatures would have had to be turned in by March 2, 2012. For the random sampling method, signatures would have to be submitted by late April. If the 150-day deadline had been met, but the signatures were submitted after the last day to qualify for the 2012 ballot, the initiative would have been qualified for the ballot, but in a future year.

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