DISPOSITION OF EXCESS REVENUES

     Section 6.  Whenever the state general fund balance at the close of each of two successive fiscal years exceeds five percent of general fund revenues for each of the two fiscal years, the legislature in the next regular session shall:

     (1)  Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;

     (2)  Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or

     (3)  Appropriate general funds for the pre-payment of either or both of the following, as provided by law:

          (A)  Debt service for general obligation bonds issued by the State; or

          (B)  Pension or other post-employment benefit liabilities accrued for state employees.

          For the purpose of this paragraph, "pre-payment" means a payment for a fiscal year in excess of the minimum payment required for that fiscal year by bond covenant or law. [Add Const Con 1978 and election Nov 7, 1978; am SB 2807 (2010) and election Nov 2, 2010; am SB 2554 (2016) and election Nov 8, 2016]