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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)

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Assemblyman John Perez, D-Los Angeles, receives congratulations from Assemblyman Mike Gatto, D-Los Angeles, after 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 precent of the state's general fund. (AP Photo/Rich Pedroncelli)

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Gov. Jerry Brown, center, receives applause from legislative leaders, Assembly Speaker John Perez, D-Los Angeles, left, and Senate President Pro Tem Darrell Steinberg, D-Sacramento, before he delivers his State of the State address at the Capitol in Sacramento, Calif., Wednesday, Jan. 22, 2014. Brown delivered a dual message in his annual address to the Legislature, that a California resurgence is well underway but is threatened by economic and environmental uncertainties.(AP Photo/Rich Pedroncelli, pool)

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Gov. Jerry Brown, left, looks at the remembrance he was given, by Assembly Speaker John Perez, D-Los Angeles, right, for delivering the most State of the State addresses than any other governor in California history, during a joint session of the Legislature at the Capitol in Sacramento, Calif., Wednesday, Jan. 22, 2014. Brown delivered a dual message in his annual address to lawmakers, that a California resurgence is well underway but is threatened by economic and environmental uncertainties.(AP Photo/Rich Pedroncelli)

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Gov. Jerry Brown, center, receives applause from legislative leaders, Assembly Speaker John Perez, D-Los Angeles, left, and Senate President Pro Tem Darrell Steinberg, D-Sacramento, before he delivers his State of the State address at the Capitol in Sacramento, Calif., Wednesday, Jan. 22, 2014. Brown delivered a dual message in his annual address to the Legislature, that a California resurgence is well underway but is threatened by economic and environmental uncertainties.(AP Photo/Rich Pedroncelli)

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California Assembly Speaker John Perez, the body's first openly gay leader, urges lawmakers to approve a measure requiring public schools to teach the historical contributions of gay Americans, on Tuesday, July 5, 2011, in Sacramento. (AP Photo/Rich Pedroncelli)

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ASSOCIATED PRESS State Sen. President Pro Tem Darrell Steinberg, D-Sacramento, right, and Assembly Speaker John Perez, D-Los Angeles, left, walk past reporters and the budget clock as they go to a budget meeting at the Governor's office at the Capitol in Sacramento, Calif., Friday, Sept. 17, 2010. The meeting between Gov. Arnold Schwarzenegger and the four legislative leaders ended without reaching a deal on how to close California's $19 billion deficit, marking the 79th day the state has gone without a resolution to the spending plan, breaking the old record of 78 days.