(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) 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.

Contingent effective date—2007 c 484 ss 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 s 10.] Engrossed Substitute Senate Joint Resolution No. 8206 was approved by the voters at the November 6, 2007 general election.