535: A totally not boring conversation about Measure 3

If you read the ballot language for Measure 3 and still didn't understand just what it is the proposed constitutional amendment does, I wouldn't blame you.

I don't think that's anyone's fault. It's just a somewhat arcane topic, but that doesn't mean it's not important.

State Rep. Corey Mock joined us on this episode of Plain Talk to discuss the proposal, which would make some changes around the Legacy Fund, which these days is sporting a balance of around $11 billion.

Currently, lawmakers have the statutory authority to spend up to 15% of the principal of that fund. Mock said that was written into the original amendment that created the fund to ensure that at least some of it was available to lawmakers should some emergent situation make it necessary. But when the Legacy Fund was created, nobody expected it to grow as far and as fast as it has. Mock said the original projects for the fund expected it to cross the $1 billion threshold by like 2021.

Clearly, we're well beyond that, but the Legislature's authority to spend as much as 15% of it has resulted in some lost opportunities. The fund managers have to keep those funds liquid, because theoretically the Legislature could come calling for them. Measure 3 shrinks that from 15% to 5%.

Given that the Legacy Fund is much, much larger now than we expected when that original 15% limit was written into the constitution, lowering still leaves plenty of money available to lawmakers in an emergency, but allows the fund managers to invest more of the principal and get bigger returns.

Also on this episode, guest co-host Jamie Selzler and I discuss the state of the presidential race.

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