S-1139               _______________________________________________

                                         SENATE JOINT RESOLUTION NO. 8219

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State of Washington                               51st Legislature                              1989 Regular Session

By Senators McDonald, Smitherman, Bluechel, Stratton, Craswell, Owen, Rasmussen, Hansen, Anderson, Conner, Sutherland, McMullen, Nelson and West

Read first time 2/14/89 and referred to Committee on Ways & 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 Article VIII of the Constitution of the state of Washington by adding a new section to read as follows:

Article VIII, section .....  The state treasurer shall transfer into an emergency reserve fund one-half of one percent of general fund‑-state revenue collections from July 1, 1991, through June 30, 1992, one percent from July 1, 1992, through June 30, 1993, and one and one-half percent thereafter.  During any fiscal biennium, the accumulated balance in the fund shall never exceed the equivalent of five percent of that biennium's general fund‑-state revenues.  Any balance in excess of five percent and any earnings shall be transferred by the state treasurer to another account for use after appropriation for construction of common school and higher educational facilities.

          All withdrawals from the emergency reserve fund shall be pursuant to a declaration of emergency by the governor and approval by two-thirds of the membership 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.