Constitution, Art. IX, §24 is enacted to read:

Section. 24.__Balanced budget; establishment of Special Reserve Account; limitation on issuance of bonds.

1.__Amount of expenditures authorized.__The Legislature shall pass in the first year of each biennium a balanced General Fund budget based on best estimates of projected revenue.__If the budget is enacted as an emergency measure pursuant to Article IV, Part Third, Section 16, the Legislature may authorize expenditures up to an amount that does not exceed the projected revenues for the biennium.__If the budget is not enacted as an emergency measure pursuant to Article IV, Part Third, Section 16, the Legislature may authorize expenditures only up to an amount that equals 95% of projected revenues for the biennium, unless a sum equal to 5% of the projected revenues is held by the State in the special reserve account established pursuant to subsection 3.

2.__Impact of revised projections.__If at any time revisions to revenue projections result in the failure of a duly enacted budget to meet the revenue and expenditure requirements set forth in subsection 1, the Legislature shall enact a supplemental budget that results in conformity with the revenue and expenditure requirements set forth in subsection 1.

3.__Special reserve account.__The Legislature shall establish a special reserve account.__Funds in this account may be expended only:

A.__Through enactment of an emergency measure pursuant to Article IV, Part Third, Section 16; or

B.__Through enactment of a measure that is expressly conditioned on the people's ratification by a referendum vote pursuant to Article IV, Part Third, Section 19.

4.__Limitation on issuance of bonds.__Notwithstanding Sections 14, 14-A, 14-B, 14-C and 14-D, the Legislature may not issue bonds pursuant to those sections unless the special reserve account established pursuant to subsection 3 contains funds in an amount that equals or exceeds 5% of the total budget in the biennium in which the bonds are authorized.

5.__Other borrowing.__Any money the State acquires by creating an obligation that will extend beyond the term of the