BATON ROUGE - Voters approved two constitutional amendments and rejected two others Saturday which affect the state's budget and local tax revenues.

Voters said "yes" to an amendment which gave the treasurer authority to invest state funds in an new fund meant to set up transportation loans for local governments.

They also approved an amendment which clarified property owned by public entities outside of Louisiana were not exempt from local taxes. The issue came up in a lawsuit involving a Tennessee utility which stored natural gas on land in Louisiana, and successfully argued in court they were exempt under the state's constitution.

Voters rejected an amendment which would have loosened restrictions on what kinds of measures can be considered during fiscal sessions of the Legislature, as well as an amendment which would have split the state's rainy day fund into two smaller funds to set aside some money for transportation projects.