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

24.__Budget stabilization and endowment fund.__The Legislature shall enact legislation creating a budget stabilization and endowment fund as a permanent endowment fund to be managed and invested by an independent board of trustees for long-term appreciation, consistent with the principles of endowment funds that are designed to provide supporting distributions to a beneficiary in perpetuity.

1.__Transfers to fund.__Two percent of General Fund revenue must be transferred monthly to the stabilization and endowment fund until the fund balance equals the amount of General Fund revenue collected in the immediately preceding fiscal year.__ In any fiscal year that actual receipts of General Fund revenue exceed budgeted revenue, 1/2 of the excess revenue must also be transferred to the fund.

2.__Distributions from fund.__Four percent of the balance in the stabilization and endowment fund at the close of the immediately preceding fiscal year must be transferred annually to the General Fund for expenditure by the Legislature.__Two percent of the fund balance above the regular 4% annual distribution may be transferred to the General Fund in any fiscal year when budgeted revenue growth is at least 1% below the average growth for the last 10 years.__Four percent of the fund balance above the regular 4% annual distribution may be transferred to the General Fund when budgeted General Fund revenue growth is greater than 2% below the average growth for the last 10 years.__At the close of a fiscal year when actual General Fund revenue collections are below budgeted revenue, additional funds may be transferred to the General Fund up to the amount of the shortfall or 4% of the fund balance, whichever is less.__Legislation implementing this section and any distribution proposed as an exception to this section may be enacted upon the vote of 2/3 of all members elected to each House.

; 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 statewide election, at a statewide election, on the Tuesday following the first Monday of November following the passage of this resolution, to vote upon the ratification of the