CA SB859

Waives the 131-day requirement under Elections Code Section 9040 to place Assembly Constitutional Amendment 4 or Senate Constitutional Amendment 10 on the November 6, 2012, statewide general election ballot

Establishes specific ballot label language: "'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 mandatory ballot title and summary describing changes to the state budget process, including increasing the rainy day fund from 5% to 10% of General Fund and requiring 3% of general revenues be deposited annually into the fund

Prohibits the Attorney General from modifying the prescribed ballot label or ballot title and summary language, except to include the financial impact summary

Declares the act an urgency statute that takes effect immediately