Constitution, Art. IX, §24 is enacted to read:

Section 24.__Budget stabilization fund.__A budget stabilization fund is established.__Funds in the budget stabilization fund may not exceed 10% of the total General Fund revenues received in the immediately preceding state fiscal year and may be expended only for the following purposes: to offset General Fund revenue shortfalls in state fiscal years in which actual revenues fall short or are projected to fall short of the accepted General Fund revenue estimates; for prepayment of outstanding General Fund bonds; for prepayment of any unfunded liabilities of the Maine State Retirement System, or any successor agency, related to retirement benefits for state government employees or teachers; to reduce the balance in the budget stabilization fund for current expenditure needs in order to avoid serious fiscal dislocation or disruption directly affecting Maine citizens; to reserve for unfunded liabilities of State Government; or for major construction.__For purposes of this section, "major construction" is defined as being any single project with a total cost exceeding $1,000,000.__When actual General Fund revenues at the end of any fiscal year exceed the accepted General Fund revenue estimates, 75% of the excess revenues must be placed in the budget stabilization fund.__Funds may be expended from this fund only upon approval by 2/3 of both Houses of the Legislature.

; and be it further

Constitutional referendum procedure; form of question; effective date. Resolved: That the municipal officers of this State shall notify the inhabitants of their respective cities, towns and plantations to meet, in the manner prescribed by law for holding a general election, at the next general election in the month of November following passage of this resolution, to vote upon the ratification of the amendment proposed in this resolution by voting upon the following question:

"Do you favor amending the Constitution of Maine to establish a budget stabilization fund to be used to stabilize the General Fund in the event of an economic downturn as well as to provide resources for debt payments on general obligation bonds, unfunded liabilities and capital construction projects exceeding $1,000,000?"

The legal voters of each city, town and plantation shall vote by ballot on this question and designate their choice by a