Section 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.