California: Local fund protecting initiative certified

Wed, Jun 23 2010 — Source: Bloomberg Business Week

California’s secretary of state has certified a ballot initiative to ban the state from raiding local funds even in a fiscal crisis. The Secretary of State’s Office on Tuesday announced that a fifth question will appear on the Nov. 2 general election ballot. The initiative seeks to prohibit the state from taking or borrowing local government and transportation funds under any circumstances.

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