On July first of each fiscal year or at such time that as the prior fiscal year general fund ending unobligated cash balance is determined, the commissioner of the Bureau of Finance and Management shall must transfer all prior year unobligated cash up to an amount equal to ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year into the budget reserve fund. In no event shall the cash balance in the budget reserve fund be greater than ten percent of the general fund appropriations from the general appropriation act for the prior fiscal year. Expenditures out of the budget reserve fund shall only be by special appropriation of the Legislature and shall only redress such unforeseen expenditure obligations or such unforeseen revenue shortfalls as may constitute an emergency pursuant to S.D. Const., Art. III, § 1. as follows: (1) If the cash balance of the budget reserve fund is less than ten percent of the General Appropriations Act for the prior fiscal year, an amount of unobligated cash must be deposited into the budget reserve fund, created in § 4-7-31, so that the 25 cash balance equals ten percent of the General Appropriations Act for the prior fiscal year; (2) If any unobligated cash balance remains after the requirements of subdivision (1) are met, the commissioner of the Bureau of Finance and Management must deposit fifty percent of any unobligated cash remaining into the local assistance fund created by section 3 of this Act; and (3) After the requirements of subdivision (2) are met, the commissioner of the Bureau of Finance and Management must deposit any unobligated cash remaining into the general revenue replacement fund, created in § 4-7-45.