Washington Senate Joint Resolution 8208 (1999)
From Ballotpedia
Washington S.J.R. 8208, also known as the Investment of State Funds Act was on the November 2, 1999 election ballot in Washington as a legislatively-referred constitutional amendment. It was defeated, with 49.1% of voters in favor.
Text of the proposal
The language that appeared on the ballot:
Explanatory Statement
The Law As It Presently Exists
The state constitution generally limits the investment of state funds. Article VIII, sections 5 and 7 and article XII, section 9 prohibit the investment of state funds in the stocks and bonds of private companies, associations, or corporations. As a result, state funds can generally be invested only in savings certificates and in the obligations of government agencies. Constitutional amendments adopted in 1968 and in 1985 permit the legislature to determine how public pension and retirement funds and industrial insurance (worker's compensation) funds may be invested. These amendments are contained in article XXIX, section 1 of the constitution.
The emergency reserve fund was created by Initiative Measure No. 601 in 1993. Initiative 601 directs the state treasurer to place in the emergency reserve fund all revenues received by the general fund in excess of the state expenditure limit for each fiscal year. Because the emergency reserve fund is not covered by article XXIX, section 1 of the state constitution, this fund is still subject to the investment limitations imposed by the original constitution.
The Effect Of The Measure If Approved Into Law
If adopted, this measure would remove the investment limitations on the emergency reserve fund by adding this fund to the list contained in article XXIX, section 1 of the state constitution. The legislature would be authorized to determine by law how the emergency reserve fund could be invested.
