§ 92. Tax stabilization reserve fund. 1. There is hereby established a\nfund to be known as the tax stabilization reserve fund for the\nstabilization of the revenues of the state derived from the taxes, fees\nand other sources required by law to be paid into the general fund of\nthe state treasury.\n 2. The aggregate amount disbursed from the general fund during the\nfiscal year shall constitute the norm for such fiscal year of the amount\nof revenues from such taxes, fees and other sources, and the term\n"norm," as used in this section, shall mean such aggregate amount.\n 3. At the close of each fiscal year any cash surplus remaining in the\ngeneral fund over and above the norm for such fiscal year shall be\ntransferred from or retained in such fund as hereinafter in this\nsubdivision provided. There shall be transferred to the tax\nstabilization reserve fund all of such surplus moneys, up to and\nincluding an amount equivalent to two-tenths of one per centum of such\nnorm, unless such transfer would increase such reserve fund to an amount\nin excess of two per centum of the amount of the norm for such fiscal\nyear, in which event such transfer shall be limited to such amount as\nwill increase such reserve fund to such two per centum limitation. Any\nbalance of such surplus moneys, thereafter remaining in the general\nfund, shall be retained in such fund and be available for the reduction\nof state taxes.\n 4. In the event that at the close of any fiscal year the receipts\nderived from the taxes, fees and other sources, required to be paid\nduring such fiscal year into the general fund of the state shall fall\nbelow the norm for such fiscal year, there shall be transferred from the\ntax stabilization reserve fund to the general fund to the extent that\nthere are sufficient moneys in the tax stabilization reserve fund, an\namount equal to the difference between the norm and the amount of such\nreceipts. If such transfer reduces the tax stabilization reserve fund to\nan amount less than two per centum of the norm for such fiscal year, the\namount so transferred shall be repaid in cash prior to the computation\nand payment of any transfer to the fund pursuant to subdivision three of\nthis section in not less than three equal annual installments within the\nperiod of six years or less next succeeding the date of such transfer;\nprovided, however, that if any such annual installment shall increase\nsuch reserve fund to an amount in excess of two per centum of the amount\nof the norm for the then current fiscal year, such installment shall be\nlimited to such amount as will increase such reserve fund to such two\nper centum limitation and no further repayment of the whole or any part\nof such transfer shall be required in any subsequent fiscal year.\nRepayments to the tax stabilization reserve fund shall be stipulated in\nannual budget bills.\n 5. Moneys in the tax stabilization reserve fund may be temporarily\nloaned to the general fund during any fiscal year in anticipation of the\nreceipt of revenues from taxes, fees and other sources required to be\npaid into the general fund during such fiscal year. Moneys so\ntemporarily loaned shall be repaid in cash during the same fiscal year\nfrom revenues received from such taxes, fees and other sources as such\nrevenues are received, to the extent that such revenues are not\nnecessary for current expenditures required to be made from the general\nfund. In the event that any moneys so temporarily loaned remain unpaid\nat the close of the fiscal year, the amount so remaining unpaid shall be\ndeemed a transfer from the tax stabilization reserve fund to the general\nfund to the same extent as if such moneys were transferred at the close\nof the fiscal year pursuant to the provisions of subdivision four of\nthis section, and the provisions of such subdivision as to repayment\nshall control. Temporary loans pursuant to this paragraph shall be\nwithout interest.\n
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