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ACA-3 Public debt.(2003-2004)

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ACA3:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2003–2004 5th Ext.

Assembly Constitutional Amendment
No. 3

Introduced  by  Assembly Member Keene

November 25, 2003

A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 1.3 to Article XVI thereof, relating to public debt.


LEGISLATIVE COUNSEL'S DIGEST


ACA 3, as introduced, Keene. Public debt.
Existing provisions of the California Constitution prohibit the creation by the Legislature of debts in excess of $300,000 except for a single object or work specified in a law creating the debt, which is approved by a 2/3 vote of the members of each house of the Legislature and approved by the people by a majority of the votes cast at a general or direct primary election.
This measure would, for the purposes of those provisions, define a “single object or work,” for which the Legislature may create a debt or liability in excess of $300,000 subject to those requirements, to include the funding of an accumulated state budget deficit, as defined, and to the extent, and in the amount, that funding is authorized in a specified measure submitted to the voters at the March 2, 2004, statewide election.
This measure would become operative only if the measure authorizing that debt issuance is submitted to and approved by the voters at the March 2, 2004, statewide election. This measure would also be submitted to the voters at the March 2, 2004, statewide election.
Vote: 2/3   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  
Resolved by the Assembly, the Senate concurring, That the Legislature of the State of California at its 2003–04 Regular Session commencing on the second day of December 2002, two-thirds of the membership of each house concurring, hereby proposes to the people of the State of California that the Constitution of the State be amended by

First

 That Section 1.3 is added to Article XVI thereof, to read:

SEC. 1.3.
 (a) For the purposes of Section 1, a “single object or work,” for which the Legislature may create a debt or liability in excess of three hundred thousand dollars ($300,000) subject to the requirements set forth in Section 1, includes the funding of an accumulated state budget deficit to the extent, and in the amount, that funding is authorized in a measure submitted to the voters at the March 2, 2004, statewide election.
(b) As used in this section, “accumulated state budget deficit” means the aggregate of both of the following:
(1) The estimated negative balance of the Special Fund for Economic Uncertainties as of June 30, 2004, excluding the effect of the estimated amount of net proceeds of any bonds issued or to be issued pursuant to the Fiscal Recovery Financing Bond Act (Title 17 (commencing with Section 99000) of the Government Code) and any bonds issued or to be issued pursuant to the measure submitted to the voters at the March 2, 2004, statewide election as described in subdivision (a).
(2) Other deferred General Fund obligations incurred by the State prior to June 30, 2004, to the extent not included in that negative balance, as certified by the Director of Finance.

Second

 That Section 1.3 of Article XVI shall become operative only if the measure described in subdivision (a) is submitted to and approved by the voters at the March 2, 2004, statewide election.

Third

 That this measure shall be submitted to the voters at the March 2, 2004, statewide election.