LOS ANGELES - California public finance officials are lambasting an initiative that would require a two-thirds popular majority before a locality could raise taxes or issue any sort of debt.

Market participants said the proposed "Taxpayers Consent Act," drafted by the activist Citizens Committee, raises more questions than it answers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.