H-2025.2 _______________________________________________
HOUSE JOINT RESOLUTION 4208
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State of Washington 56th Legislature 1999 Regular Session
By Representative Conway
Read first time 02/26/1999. Referred to Committee on Commerce & Labor.
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 the secretary of state shall submit to the qualified voters of the state for their approval and ratification, or rejection, an amendment to Article II of the Constitution of the state of Washington by adding a new section to read as follows:
Article II, section . . .. (1) All amounts collected by the state of Washington for deposit into the unemployment compensation fund, including interest earned on such deposits, are to be used exclusively for the payment of unemployment benefits.
(2) All amounts collected by the state of Washington for deposit into the state reserve trust account are to be used exclusively for loans to the unemployment compensation fund and as security for loans from the federal unemployment insurance trust fund.
(3) Interest earned on the state reserve trust account is to be deposited and used as follows:
(a) The amount of interest that would have been earned if the state reserve trust account had been invested in United States treasury bonds shall be deposited into the unemployment compensation fund and used exclusively for the payment of unemployment benefits. If the interest earned on investment of the state reserve trust account in any fiscal year is less than the amount that would have been earned if moneys in the account had been invested in United States treasury bonds during that year, all future interest earned from investment of the state reserve trust account must be deposited into the unemployment compensation fund until the lost interest earnings have been restored.
(b) After the deposit required in (a) of this subsection, the amount of interest specified by statute shall be deposited in the state reserve interest account and used exclusively for programs for the unemployed, including the administrative costs related to the programs.
(c) The amount of interest above the amounts deposited under (a) and (b) of this subsection, if any, shall be deposited in the unemployment compensation fund and used exclusively for the payment of unemployment benefits.
BE IT FURTHER RESOLVED, That the secretary of state shall cause notice of this constitutional amendment to be published at least four times during the four weeks next preceding the election in every legal newspaper in the state.
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