Officials Approve Petition Drive for California Spending Amendment

Saskal, Rich
December 2004
Bond Buyer;12/27/2004, Vol. 350 Issue 32037, p3
Trade Publication
The article focuses on the California election officials who have cleared the way for signature gathering to begin on a petition drive for a state constitutional amendment to limit state spending and debt issuance. Provisions in the "California Deficit Prevention Act" include a formula limiting state spending growth to no greater than the combined rate of state spending and population growth. It would also prohibit the state treasurer from issuing new general obligation debt if debt service is expected to exceed 6% of the state general fund. The Secretary of State's office certified the petition language, setting the clock ticking for proponents to gather 598,105 valid signatures from registered voters by May 23, 2005.


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