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California Proposition 88, Deposit of Public Funds Amendment (1988)
| California Proposition 88 | |
|---|---|
 | |
| Election date November 8, 1988 | |
| Topic State and local government budgets, spending, and finance | |
Status Approved | |
| Type Constitutional amendment | Origin State legislature |
California Proposition 88 was on the ballot as a legislatively referred constitutional amendment in California on November 8, 1988. It was approved.
A "yes" vote supported amending the state constitution to authorize the state legislature to allow the deposit of public funds in any federally insured industrial loan company in California. |
A "no" vote opposed amending the state constitution to authorize the state legislature to allow the deposit of public funds in any federally insured industrial loan company in California, thereby maintaining the allowable depositories of public funds to be any bank, savings and loan association, or credit union. |
Election results
|
California Proposition 88 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
|
|
6,514,145 | 74.80% | ||
| No | 2,194,932 | 25.20% | ||
Text of measure
Ballot title
The ballot title for Proposition 88 was as follows:
| “ | Deposit of public moneys. Legislative Constitutional Amendment. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | 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. | ” |
Full Text
The full text of this measure is available here.
Fiscal impact
- See also: Fiscal impact statement
The fiscal estimate provided by the California Legislative Analyst's Office said:[1]
| “ | 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.[2] | ” |
Path to the ballot
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.
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 |
See also
External links
Footnotes
- ↑ University of California, "Voter Guide," accessed December 20, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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State of California Sacramento (capital) |
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