Implements a proposed constitutional amendment creating a rainy day reserve fund.

Repeals RCW 43.33A.220 and 43.135.051.

Declares that this act takes effect June 1, 2008, if the proposed amendment to Article VII of the state Constitution (2007 Senate Joint Resolution No. . . . ., S-0163/07) is validly submitted to and is approved and ratified by the voters at a general election held in November 2007. If the proposed amendment is not approved and ratified, this act is void in its entirety.