Establishes a budget stabilization fund.

Repeals RCW 43.33A.220 and 43.135.051.

Takes effect July 1, 2008, if the proposed amendment to Article VII of the state Constitution (House Joint Resolution No. . . . . (H-1048/07)) is validly submitted to and is approved and ratified by the voters at the next general election. If the proposed amendment is not approved and ratified, this act is void in its entirety.