I. Any settlement of a claim against the state in which the state through its attorneys agrees to a commitment with financial consequences in excess of 1/4 of one percent or more of total reported general fund unrestricted revenues for the previous fiscal year as reported by the legislative budget assistant pursuant to paragraph II shall be subject to the approval of the legislature. II. The legislative budget assistant shall report to the attorney general on January 1 of each year the latest available audited general fund unrestricted revenues for the previous fiscal year as well as the threshold amount at which a financial settlement would be subject to legislative approval pursuant to paragraph I. III. Any proposed settlement subject to this section shall be presented as legislation in the next convened session of the legislature and acted upon in the same manner as any other bill.
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