Legislative Constitutional Amendment.
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LEGISLATIVE CONSTITUTIONAL AMENDMENT.
- Requires loans of transportation related revenues to the General Fund be repaid the same fiscal year, or within three fiscal years if the Governor declares an emergency significantly impacting the General Fund or General Fund revenues are less than the previous fiscal year's adjusted revenues.
- Allows loans of certain transportation related revenues to local entities conditioned upon repayment, with interest, within four years.
- Designates local transportation funds as trust funds and prohibits abolition of all such funds created by law.
- Restricts allocations from local transportation funds to designated purposes relating to local transportation.
Summary of Legislative Analyst's
Estimate of Net State and Local Government Fiscal Impact:
- It is unlikely that this measure would have any fiscal impact on state and local governments.
Argument in Favor of Proposition 2
Rebuttal to Argument in Favor of Proposition 2
Argument Against Proposition 2
Rebuttal to Argument Against Proposition 2
Full Text of Proposition 2