8206-S AMS .... JONE 003

SSJR 8206 - S AMD 22

   By    Senator Zarelli

ADOPTED 2/21/2007

   On page 2, beginning on line 19, strike all material down through line 26 and insert the following:

   "(e) Amounts in the budget stabilization account may be invested as provided by law and retained in that account. When the balance in the budget stabilization account, including investment earnings, equals more than ten percent of the estimated general state revenues in that fiscal year, the legislature by the favorable vote of a majority of the members elected to each house of the legislature may withdraw and appropriate the balance to the extent that the balance exceeds ten percent of the estimated general state revenues. Appropriations under this subsection (e) may be made solely for deposit to the education construction fund."

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EFFECT: Allows the legislature to permit the Budget Stabilization Account to accumulate a balance in excess of ten percent of general state revenues. Deposits from the Budget Stabilization Account to the Education Construction Fund are subject to legislative appropriation.