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California Proposition 2, State's Borrowing of Money Amendment (August 1935)
| California Proposition 2 | |
|---|---|
 | |
| Election date August 13, 1935 | |
| Topic State and local government budgets, spending, and finance | |
Status Defeated | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 2 was on the ballot as a legislatively referred constitutional amendment in California on August 13, 1935. It was defeated.
A “yes” vote supported allowing the state to borrow from banks an amount equal to 50% of the previous year's taxes and revenue collected by the state and requiring the borrowed money to be repaid within 1 year. |
A “no” vote opposed allowing the state to borrow from banks an amount equal to 50% of the previous year's taxes and revenue collected by the state and requiring the borrowed money to be repaid within 1 year. |
Election results
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California Proposition 2 |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 154,225 | 34.58% | ||
|
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291,780 | 65.42% | ||
Text of measure
Ballot title
The ballot title for Proposition 2 was as follows:
| “ | Authorizing State's Borrowing Money in Anticipation of Taxes and Revenues | ” |
Ballot summary
The ballot summary for this measure was:
| “ | Senate Constitutional Amendment 18. Adds section to constitution. Approves and legalizes legislature’s act entitled “An act relating to the borrowing of money by the State in anticipation of taxes and revenues, and making an appropriation.” Authorizes State’s borrowing, as in said act provided, for general fund appropriations, up to fifty per cent of taxes and revenues paid into general fund during preceding fiscal year; requires money so borrowed with interest be paid from general fund within one year of date borrowed; if default, indebtedness continues payable from general fund. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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