(a) As of June 30 of each fiscal year, the state auditor shall reserve from the state surplus an amount equal to not less than 3 nor more than 5 percent, as directed by the director of the budget, of the net revenue collections of such fiscal year, to the extent that such surplus is available therefor. This reserve shall be entitled the revenue shortfall reserve and shall be in lieu of the working reserve for high-income and low-income periods; provided, however, that the director of the budget may, with regard to all or any part of the fourth and fifth percentile so reserved, direct the return of the same to the general fund of the state treasury for appropriation according to law.

(b) As of June 30 of each fiscal year, the state auditor shall reserve from the state surplus an amount equal to 1 percent of the net revenue collections of such fiscal year, to the extent that such surplus is available therefor. This amount shall be reserved before the amount shall be reserved for the revenue shortfall reserve as provided in subsection (a) of this Code section. This reserve shall be entitled the midyear adjustment reserve and shall be available for appropriation by the General Assembly of Georgia for such purposes as it may select.

(c) Any other provision of law notwithstanding, the General Assembly of Georgia is authorized to appropriate $5 million for State Fiscal Year 1983 from the revenue shortfall reserve.

(d) Any other provision of law notwithstanding, the General Assembly of Georgia is authorized to appropriate $12,500,000.00 for State Fiscal Year 1985 from the revenue shortfall reserve, for the purpose of financing the construction of water and sewer projects, through loans to local governments by the Georgia Development Authority.