§ 92. Tax stabilization reserve fund. 1. There is hereby established a
fund to be known as the tax stabilization reserve fund for the
stabilization of the revenues of the state derived from the taxes, fees
and other sources required by law to be paid into the general fund of
the state treasury.

2. The aggregate amount disbursed from the general fund during the
fiscal year shall constitute the norm for such fiscal year of the amount
of revenues from such taxes, fees and other sources, and the term
"norm," as used in this section, shall mean such aggregate amount.

3. At the close of each fiscal year any cash surplus remaining in the
general fund over and above the norm for such fiscal year shall be
transferred from or retained in such fund as hereinafter in this
subdivision provided. There shall be transferred to the tax
stabilization reserve fund all of such surplus moneys, up to and
including an amount equivalent to two-tenths of one per centum of such
norm, unless such transfer would increase such reserve fund to an amount
in excess of two per centum of the amount of the norm for such fiscal
year, in which event such transfer shall be limited to such amount as
will increase such reserve fund to such two per centum limitation. Any
balance of such surplus moneys, thereafter remaining in the general
fund, shall be retained in such fund and be available for the reduction
of state taxes.

4. In the event that at the close of any fiscal year the receipts
derived from the taxes, fees and other sources, required to be paid
during such fiscal year into the general fund of the state shall fall
below the norm for such fiscal year, there shall be transferred from the
tax stabilization reserve fund to the general fund to the extent that
there are sufficient moneys in the tax stabilization reserve fund, an
amount equal to the difference between the norm and the amount of such
receipts. If such transfer reduces the tax stabilization reserve fund to
an amount less than two per centum of the norm for such fiscal year, the
amount so transferred shall be repaid in cash prior to the computation
and payment of any transfer to the fund pursuant to subdivision three of
this section in not less than three equal annual installments within the
period of six years or less next succeeding the date of such transfer;
provided, however, that if any such annual installment shall increase
such reserve fund to an amount in excess of two per centum of the amount
of the norm for the then current fiscal year, such installment shall be
limited to such amount as will increase such reserve fund to such two
per centum limitation and no further repayment of the whole or any part
of such transfer shall be required in any subsequent fiscal year.
Repayments to the tax stabilization reserve fund shall be stipulated in
annual budget bills.

5. Moneys in the tax stabilization reserve fund may be temporarily
loaned to the general fund during any fiscal year in anticipation of the
receipt of revenues from taxes, fees and other sources required to be
paid into the general fund during such fiscal year. Moneys so
temporarily loaned shall be repaid in cash during the same fiscal year
from revenues received from such taxes, fees and other sources as such
revenues are received, to the extent that such revenues are not
necessary for current expenditures required to be made from the general
fund. In the event that any moneys so temporarily loaned remain unpaid
at the close of the fiscal year, the amount so remaining unpaid shall be
deemed a transfer from the tax stabilization reserve fund to the general
fund to the same extent as if such moneys were transferred at the close
of the fiscal year pursuant to the provisions of subdivision four of
this section, and the provisions of such subdivision as to repayment
shall control. Temporary loans pursuant to this paragraph shall be
without interest.