Senator MASSEY proposed the following amendment (3346R002.SP.ASM):

Amend the bill, as and if amended, on page 2, by striking lines 23 through 30 and inserting:

/ (D) For purposes of this section 'applicable percentage amount' means five at least ten percent of general fund revenue of the latest completed fiscal year. The five This percent requirement shall be reached by adding a cumulative one-half of one percent of such revenue in each fiscal year succeeding the last fiscal year to which the three five percent limit applied until the percentage of such revenue equals five at least ten percent which then and thereafter shall apply."

Amend the bill further, as and if amended, on page 2, by striking line 40 and inserting:

/ equal to two percent of the general /

Amend the bill further, as and if amended, on page 4, by striking lines 11 through 17.

Amend the bill further, as and if amended, on page 5, by striking SECTION 3 and inserting:

/SECTION 3. (A) The provisions of SECTION 1 of this act take effect upon the ratification of an amendment to Section 36(A), Article III of the Constitution of this State raising the general reserve fund from five percent of general fund revenue of the latest completed fiscal year to at least ten percent of such revenues in the manner provided in the section.

(B) The provisions of SECTION 2 of this act take effect upon the ratification of an amendment to Section 36(B), Article III of the Constitution of this State to allow the Capital Reserve Fund to be used first to offset midyear budget reductions. /