HB 422-BUDGET RESERVE FUND INVESTMENT                                                                                         
                                                                                                                                
Number 1543                                                                                                                     
                                                                                                                                
CHAIR WEYHRAUCH  announced that  the last  order of  business was                                                               
HOUSE  BILL NO.  422, "An  Act repealing  the special  subaccount                                                               
established in  the constitutional budget reserve  fund; relating                                                               
to the powers of the Department  of Revenue for the investment of                                                               
amounts in the constitutional budget  reserve fund; and providing                                                               
for an  effective date."   [HB  422 had  been amended  on 3/2/04;                                                               
Amendment 3 was pending.]                                                                                                       
                                                                                                                                
Number 1511                                                                                                                     
                                                                                                                                
CHAIR WEYHRAUCH  noted that  Section 1 had  been struck  from the                                                               
bill.                                                                                                                           
                                                                                                                                
REPRESENTATIVE SEATON asked if the  bill had also been amended so                                                               
that it would take effect immediately.                                                                                          
                                                                                                                                
CHAIR WEYHRAUCH confirmed  that is true.  He said,  "I'm not sure                                                               
that it  made a  lot of difference,  but ... I  think we  did add                                                               
that."                                                                                                                          
                                                                                                                                
Number 1474                                                                                                                     
                                                                                                                                
REPRESENTATIVE GRUENBERG  moved to amend Amendment  3, to "retain                                                               
the first phrase."  [See the 3/2/04 minutes.]                                                                                   
                                                                                                                                
Number 1443                                                                                                                     
                                                                                                                                
CHAIR  WEYHRAUCH   announced  he  would  like   to  hold  further                                                               
discussion on HB 422 until the  next day's hearing.  He indicated                                                               
that work would be done on the bill before then.                                                                                
                                                                                                                                
REPRESENTATIVE GRUENBERG requested two  versions of [Amendment 3]                                                               
and said,  "I don't  know if  you agree that  we should  have the                                                               
special account, but I would like  at least one version to retain                                                               
that, so people can see what it looks like."                                                                                    
                                                                                                                                
CHAIR WEYHRAUCH concurred.                                                                                                      
                                                                                                                                
[HB 422 was heard and held.]