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2004 SESSION

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SJ 123 Constitutional amendment; General Assembly to establish special fund for specified purposes.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); establishment of special funds. Authorizes the General Assembly to establish a special fund for specified purposes and to dedicate a revenue stream to the fund. If the General Assembly establishes a special fund and dedicates to it income, sales and use, recordation, fuels, or insurance license taxes or vehicle registration fees, the General Assembly must continue appropriating the dedicated revenues to the fund. However, by a two-thirds vote of the members in each house, such special fund may be abolished, the purposes for which such fund is established may be changed, the minimum annual appropriation to such fund may be decreased, and the proceeds in such fund may be used for purposes other than for which the fund is established.


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