HF 1451

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:51am

A bill for an act
relating to state government; proposing an amendment to the Minnesota
Constitution, article XI; establishing budget reserve, setting amount of reserve,
and providing for full funding of reserve.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CONSTITUTIONAL AMENDMENT PROPOSED.
new text end

new text begin An amendment to the Minnesota Constitution is proposed to the people. If the
amendment is adopted, a section shall be added to article XI, to read:
new text end

new text begin Sec. 16. new text end

new text begin A budget reserve equal to six percent of the biennial general fund budget is
created in the general fund in the state treasury. If the balance in the budget reserve at
the end of a biennium is less than the amount specified in this section, the budget reserve
account must be restored to a full funding level within four fiscal years. On July 1 of each
year, the commissioner of finance shall transfer funds specifically appropriated to the
budget reserve. A law to increase state sales tax rates or state personal income tax rates for
revenues to make an appropriation to fully fund the budget reserve must be adopted by the
vote of at least three-fifths of the members of each house of the legislature.
new text end

Sec. 2. new text begin SUBMISSION TO VOTERS.
new text end

new text begin The proposed amendment must be submitted to the people at the 2010 general
election. The question submitted must be:
new text end

new text begin "Shall the Minnesota Constitution be amended to establish and maintain a budget
reserve in the state treasury equal to six percent of the state's biennial general fund budget,
that must be fully funded within four years of its use, but must not be restored to full
funding through an increase in state income or sales tax rates unless the increase is
approved by a three-fifths vote of the legislature?
new text end

	new text begin Yes . new text end
	new text begin No . " new text end