Assembly approves new rainy day ballot measure

May 15, 2014 12:04 PM

SACRAMENTO, Calif. (AP) - The state Assembly has unanimously passed a fresh version of a rainy day fund measure on the November ballot, a plan that emphasizes paying down California's massive debts and unfunded liabilities.

Lawmakers voted 75-0 Thursday to replace a rainy day fund measure already scheduled to go before voters this fall. The proposed constitutional amendment required a two-thirds vote in the 80-member house and easily surpassed it.

The measure now heads to the Senate, where passage is expected.

Gov. Jerry Brown and legislative leaders of both parties negotiated the deal announced last week.

The new version will create a reserve funded primarily from excess capital gains revenue during boom years. Half the money set aside would help pay down the state's debts, estimated at $340 billion.

Copyright 2014 The Associated Press. All rights reserved.


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