WATER AND POWER

Initiative measure adding Article XIVa to Constitution. Creates board, appointed by Governor and subject to recall, authorized to develop and distribute water and electric energy, acquire by any legal means any property therefor and do anything convenient thereto, including using and reserving state lands and waters; gives state and political subdivisions certain preferential rights against privately owned public utilities selling water or electric energy to public; authorizes issuance of bonds not exceeding $500,000,000, to further such purposes, requiring board to fix rates to meet expenses and retire bonds in fifty years