If:

1. (1) the total amount of state reserves calculated by the office of management and budget exceeds:

   1. (A) eleven and five-tenths percent (11.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in calendar year 2016; or
   2. (B) twelve and five-tenths percent (12.5%) of the general revenue appropriations for the current state fiscal year, in the case of a calculation made in 2017 and in an odd-numbered year thereafter; and

2. (2) the accounts payable by the state at the end of the preceding state fiscal year are not unusually large as a percentage of the total amount of state reserves (as compared to recent history);

   the governor shall make a presentation to the state budget committee regarding the disposition of excess state reserves under section 3 of this chapter. The presentation must be made not later than September 30, 2016, not later than September 30, 2017, and not later than September 30 of each odd-numbered year thereafter.

As added by P.L.229-2011, SEC.44. Amended by P.L.160-2012, SEC.3; P.L.146-2016, SEC.2.