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Assemblyman John Perez, D-Los Angeles, urged lawmakers to approve his measure to place a rainy day fund on the November ballot was approved by the Assembly in  Sacramento, Calif., Thursday, May 15, 2014.  Lawmakers in both houses approved the bill Perez negotiated before stepping down as speaker this week. It places a proposed constitutional amendment before the voters that will create a budget reserve funded primarily from excess capital gains revenue during boom years as well as an annual contribution equal to 1.5 percent of the state's general fund. (AP Photo/Rich Pedroncelli)

Assemblyman John Perez, D-Los Angeles, urged lawmakers to approve his measure to place a rainy day fund on the November ballot was approved by the Assembly in Sacramento, Calif., Thursday, May 15, 2014. Lawmakers in both houses approved the bill Perez negotiated before stepping down as speaker this week. It places a proposed constitutional amendment before the voters that will create a budget reserve funded primarily from excess capital gains revenue during boom years as well as an annual contribution equal to 1.5 percent of the state's general fund. (AP Photo/Rich Pedroncelli)

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