Governor Jerry Brown called a special session of the state Legislature to replace the "Rainy Day Fund" on the November, 2014 ballot with a dedicated reserve to allow the state to pay down its debts and unfunded liabilities.  In Assembly Constitutional Amendment 4 ["ACA 4"], the 2010 Legislature approved the proposal for the November 2014 ballot to go before the general electorate.  In calling for this special session, Governor Brown observed that the proposal did not address the volatility of capital gains revenue, did not provide a reserve for schools to help cushion future downturns, and constrained the state's ability to pay down long-term ... Read More >