(1) Any amount of state revenues in excess of the limitation on state fiscal year spending for the 1996-97 fiscal year that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be added to and refunded with any state revenues in excess of the limitation on state fiscal year spending for the 1998-99 fiscal year required to be refunded.
Any amount of state revenues in excess of the limitation on state fiscal year spendingfor the 1997-98 fiscal year and every fiscal year thereafter through the 2000-01 fiscal year that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20 (7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be added to and refunded with any state revenues in excess of the limitation on state fiscal year spending for the fiscal year following the fiscal year for which state revenues in excess of the limitation on state fiscal year spending were required to be refunded.
Any amount of state revenues in excess of the limitation on state fiscal year spendingfor the 2001-02 fiscal year and for every fiscal year thereafter that voters statewide did not authorize the state to retain and spend and that are required to be refunded pursuant to section 20
(7)(d) of article X of the state constitution, but that are not refunded by the state as required, shall be carried forward and added to the amount of any unrefunded state revenues in excess of the limitation on state fiscal year spending for previous fiscal years that has been carried forward. Said aggregate amount of unrefunded state revenues shall be added to and refunded with subsequent fiscal years' state revenues in excess of the limitation on state fiscal year spending that are required to be refunded; however, the amount of state revenues in excess of the limitation on state fiscal year spending that was required to be refunded but was not refunded during the most recently completed fiscal year shall be applied first to the fiscal year immediately following the most recently completed fiscal year.
Source: L. 2005: Entire section added, p. 131, § 2, effective April 5.