CAMPAIGN FUNDS. INITIATIVE STATUTE.

CAMPAIGN FUNDS. INITIATIVE STATUTE. Permits contributions only by political parties and individuals eligible to register to vote. Contributions and expenditures must be made through an account established by Secretary of State, who must publish on the Internet: the contributor\u27s name and city of residence, contribution amount, and candidate benefited. Funds remaining after defeat in campaign or upon death or resignation of candidate or officeholder become personal property of candidate, officeholder, his or her estate, or assigns. Interest generated by accounts with Secretary of State shall defray a portion of administration costs. Any other financial assistance to candidate punishable as bribery. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would have the following major fiscal effect: Net state cost annually of about $2 million to administer political contribution funds