S-967                 _______________________________________________

                                         SENATE JOINT RESOLUTION NO. 116

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State of Washington                              49th Legislature                              1985 Regular Session

By Senators Lee, Newhouse, Deccio, McCaslin, Zimmerman, Bailey, Craswell, Barr, Hayner, Bluechel, Cantu, Metcalf and Sellar

Read first time 2/6/85 and referred to Committee on Ways and Means.

BE IT RESOLVED, BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:

          THAT, At the next general election to be held in this state there shall be submitted to the qualified voters of the state for their approval and ratification, or rejection, an amendment to the Constitution of the state of Washington by adding a new article to read as follows:

Article ..., section 1.  @bcRAINY DAY RESERVE ACCOUNT.@ec          (1) Expenditures each fiscal year from the state general fund shall not exceed ninety-eight percent of estimated general fund revenues for the fiscal year.  This subsection does not apply to revenues and expenditures used for payment of principal and interest on public indebtedness.

          (2) The legislature shall establish and maintain an account within the general fund called the rainy day reserve account.  At the conclusion of each fiscal year, the treasurer shall transfer to the account all unexpended revenues in the state general fund.

Section 2.  EMERGENCY FISCAL ACTION. Money in the rainy day reserve account may be spent for the reduction of the level of taxation or an emergency threatening the public health, safety, or welfare, pursuant to an appropriation by a statute approved by a favorable vote of sixty percent of the members of each house of the legislature.

          BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of the foregoing constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.