(1) The budget stabilization account is governed by the provisions in Article VII, section 12 and this section.

     (2) By June 30th of each fiscal year, the state treasurer shall transfer an amount equal to one percent of the general state revenues for that fiscal year to the budget stabilization account.

     (3) The state investment board has the full power to invest, reinvest, manage, contract, sell, or exchange investment moneys in the budget stabilization account. All investment and operating costs associated with the investment of money shall be paid pursuant to RCW 43.33A.160 and 43.84.160. With the exception of these expenses, the earnings from the investment of the money shall be retained by the account. All investments made by the state investment board shall be made with the exercise of that degree of judgment and care pursuant to RCW 43.33A.140 and the investment policies established by the state investment board. As deemed appropriate by the state investment board, moneys in the account may be commingled for investment with other funds subject to investment by the board.

     (4) For the purposes of Article VII, section 12, this section, and RCW 82.33.050, the state employment growth forecast shall be based on the total nonfarm payroll employment data series.

[2007 c 484 § 2.]

NOTES:

     Contingent effective date -- 2007 c 484 §§ 2-8: "Sections 2 through 8 of this act take effect July 1, 2008, if the proposed amendment to Article VII of the state Constitution (Senate Joint Resolution No. 8206) is validly submitted to and is approved and ratified by the voters at a general election held in November 2007. If the proposed amendment is not approved and ratified, sections 2 through 8 of this act are void in their entirety." [2007 c 484 § 10.] Engrossed Substitute Senate Joint Resolution No. 8206 was approved by the voters at the November 6, 2007 general election.