(1) The state shall hereby establish a state emergency reserve which shall be held by the state for emergencies declared pursuant to subsection (3) of this section. Said state emergency reserve shall be no less than the following:
For fiscal year 1993-94, one percent of state fiscal year spending minus annual bonded debt service;
For fiscal year 1994-95, two percent of state fiscal year spending minus annual bonded debt service;
For fiscal year 1995-96 and each fiscal year thereafter, three percent of state fiscalyear spending minus annual bonded debt service.
(2) (a) The state emergency reserve shall consist of such moneys as are annually designated by the general assembly in the general appropriation bill or by separate bill to constitute said emergency reserve. For the fiscal year 1996-97 and each fiscal year thereafter, the principal of the controlled maintenance trust fund created in section 24-75-302.5 (2), may constitute all or some portion of the state emergency reserve.
(b) Repealed.
(3) The state emergency reserve may be expended in any given fiscal year upon:
The declaration of a state emergency by the passage of a joint resolution which isapproved by a two-thirds majority of the members of both houses of the general assembly and which is approved by the governor in accordance with section 39 of article V of the state constitution; or
The declaration of a disaster emergency by the governor pursuant to section 24-33.5704 (4).
Nothing in this section shall be construed to limit, modify, or abridge the powers andduties of the governor to respond to disasters as provided for in part 7 of article 33.5 of this title.
Nothing in this section shall be construed to limit the ability of the general assemblyto define the term "emergency" pursuant to section 20 (2)(c) of article X of the state constitution.
Source: L. 93: Entire article added, p. 1502, § 1, effective June 6. L. 95: (2) amended, p. 1260, § 1, effective June 3. L. 2001: (2) amended, p. 8, § 2, effective February 13. L. 2013:
(3)(b) and (4) amended, (HB 13-1300), ch. 316, p. 1685, § 66, effective August 7.
Editor's note: Subsection (2)(b)(II) provided for the repeal of subsection (2)(b), effective July 1, 2002. (See L. 2001, p. 8.)