Notwithstanding the provisions of § 4-1.05 b 3 of this act, the Governor is authorized to increase from the unexpended cash balance in the Mass Transit Fund on June 30, 2002, and June 30, 2003, the amounts in the Mass Transit Assistance and Rail Assistance programs to provide for outstanding obligations. All such increases made in accordance with the provisions of this item shall be reported to the Governor and to the Chairmen of the House Appropriation, House Finance, and Senate Finance Committees.