Pooled Money Investment Board v. Unruh

Opinion

PUGLIA, P. J.

This case presents the question whether recently enacted statutory authorization for state borrowing of money to be expended *157for any authorized General Fund purpose transgresses the $300,000 limitation on state indebtedness imposed by article XVI, section 1, of the California Constitution. We hold that it does.

Petitioner Pooled Money Investment Board (Board) consists of the Controller, Treasurer, and Director of Finance of the State of California. (See Gov. Code, § 16480.1.) By majority vote of the Controller and Director of Finance, the Board adopted resolutions directing…