S-3686               _______________________________________________

                                         SENATE JOINT RESOLUTION NO. 142

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Senators McDonald, Vognild, Hayner, Stratton, Cantu, Thompson, Rasmussen and Bailey

Read first time 1/24/86 and referred to Committee on Governmental Operations.

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 Article VIII of the Constitution of the state of Washington by adding a new section to read as follows:

Article VIII, section ....        Beginning with the 1987-89 fiscal biennium as provided by law, the state treasurer shall transfer two percent of general state revenue collections into an emergency reserve fund.  During any fiscal biennium, the accumulated balance in the fund shall never exceed the equivalent of ten percent of that biennium's total state revenues.  Any balance in excess of ten percent shall be eliminated by reducing state taxes as provided by law.

          All appropriations from the emergency reserve fund shall be pursuant to a declaration of emergency by the legislature and approval by two-thirds of the members of the senate and the house of representatives and the governor.

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.