CA AB1619

Waives the 131-day constitutional amendment submission requirement to allow Assembly Constitutional Amendment 4 or Senate Constitutional Amendment 10 of the 2009-10 Regular Session to appear on the 2012 statewide presidential primary election ballot.

Establishes the specific ballot label text as "'RAINY DAY' BUDGET STABILIZATION FUND. Changes the budget process. Could limit future deficits and spending by increasing the size of the state 'rainy day' fund and requiring above-average revenues to be deposited into it, for use during economic downturns and other purposes."

Sets the ballot title and summary language describing the measure's provisions, including increasing the rainy day fund from 5% to 10% of the General Fund, requiring 3% of general revenues deposited annually, and limiting spending to periods when revenues drop below the prior year's adjusted budget.

Prohibits the Attorney General from supplementing, subtracting from, or revising the prescribed ballot label and title/summary language, except to include the financial impact summary.

Takes effect immediately as an urgency statute.