Requiring the legislature to convene an extraordinary session if an executive order of the president of the United States freezes federal aid to the state

2. Provides for payments from the budget stabilization fund to state agencies, eligible local governmental units, and eligible nonprofit organizations to offset estimated deprivation amounts.

3. Prioritizes payments to offset deprivation amounts of federal aid that fund essential services.

4. Limits payments to eligible local governmental units and eligible nonprofit organizations to no more than the amounts the eligible local governmental unit or eligible nonprofit organization would have received under a state appropriation of federal moneys but for the executive order.

5. To the extent allowed under federal law, provides for reimbursement to the budget stabilization fund for the payments specified in item 2 whenever the state receives a back payment of federal aid moneys that were previously frozen by executive order of the president.

6. Provides that if, in lieu of reimbursement to the budget stabilization fund, federal aid moneys received by the state as a back payment are paid to a state agency, eligible local governmental unit, or eligible nonprofit organization, the state agency, eligible local governmental unit, or eligible nonprofit organization must remit to the state for deposit in the budget stabilization fund an amount equal to the back payment amount received.