S-4579               _______________________________________________

                               SUBSTITUTE SENATE JOINT RESOLUTION NO. 8229

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Senate Committee on Ways and Means (originally sponsored by Senators McDonald, Niemi, McCaslin, Owen, Craswell, Smitherman, Moore, Bailey, Stratton, Johnson, Rasmussen, Conner, Smith, Hansen, Kiskaddon, Anderson, West, von Reichbauer, Hayner, Zimmerman and Barr)

Read first time 2/1/88.

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 one percent of general fund‑-state revenue collections from July 1, 1989, through June 30, 1990, one and one-half percent through June 30, 1991, and two percent thereafter, into an emergency reserve fund.  During any fiscal biennium, the accumulated balance in the fund shall never exceed the equivalent of eight percent of that biennium's total general fund‑-state revenues.  Any balance in excess of eight 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 appropriations from the emergency reserve fund shall be pursuant to a declaration of emergency, including casualty losses, 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.