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By BILL WALSH
Kappahiinnm'k News Special Writer
In addition to the national race, the 10th District congressional seat, and the bond issue, Virginians will also be asked to vote on another item next month, one that has been subjected to far less discussion and publicity than any of the others on the ballot.
“Shall the Constitution of Virginia be amended to create a Revenue Stabilization Fund?” the ballot asks. “The Fund would accumulate money in years when revenues grow at above-average rates and could be appropriated in years when revenues fall short of forecasts.”
According to the State Board of Elections, this amendment is necessary because, as it currently reads, the Virginia Constitution requires that the state spend tax revenues as it receives them. “A constitutional amendment is needed to allow the state to save some revenue in a permanent fund for this purpose,” the electors’ brochure says.
The General Assembly can appropriate money to the fund, or it could pass a mandatory contributions formula that would require a contribution when there is exceptional growth in revenues.
As envisioned, the fund could not grow larger than 10 percent of the state’s average annual revenues from income and retail sales taxes for the last three years, some $478
79.6%