HB 5536

Abstract

Amends the Budget Stabilization Act. Provides that moneys may be withdrawn and appropriated from the Budget Stabilization Fund as follows: (1) if the Governor declares a state of emergency resulting from a catastrophic event that necessitates government action to protect life or public safety, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund, by an appropriation setting forth the nature of the emergency and limited to the purposes contained in the declaration, passed by an affirmative vote of a majority of the members elected to each house of the General Assembly; (2) if the employment growth forecast for any fiscal year is estimated to be less than 1%, then, for that fiscal year, moneys may be withdrawn and appropriated from the Budget Stabilization Fund by the affirmative vote of a majority of the members elected to each house of the General Assembly; and (3) any amount may be withdrawn and appropriated from the Budget Stabilization Fund at any time by the affirmative vote of at least three-fifths of the members elected to each house of the General Assembly.