re: Real Life Examples of LA Amendment 3

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#5 is the worst. I read it three times and still don't know what it said.

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Number 5 creates a new constitutional dedication fund. Right now, mineral revenue over a certain amount goes into the rainy day fund. This amendment creates a lower amount, and the money that falls in between these two levels, would go into this new fund, which would be used to pay down the UAL and can be used for capital spending.

It also creates a threshold for corporate income tax revenue, and the amount over the level goes into the same fund.

If revenues were to be raised, it would force the state to save some of that money and/or pay down the UAL. However, it requires it to be spent in those ways. If there was a better way to spend the money, they would not be able to do so.

I generally favor giving the legislature more freedom over how to budget, as opposed to less.