; and (B) the annual aggregate funding of all programs described in that paragraph that were extended to the Commonwealth of Puerto Rico during the fiscal year immediately prior to the date of issuance of the Proclamation. (3) Decrease in amount Beginning in the 11th fiscal year after the date of issuance of the Proclamation, the amount of the annual block grants described in paragraph (1), as calculated under paragraph (2), shall decrease at the rate of 10 percent each year. (4) Modification of terms The terms of this subsection may be modified by agreement between the United States and the nation of Puerto Rico. III Transition and implementation of sovereignty in free association with the United States option 301. Definitions In this title: (1) Constitutional convention The term constitutional convention means a constitutional convention established under section 302(d)(2). (2) Proclamation The term Proclamation means a Presidential proclamation issued under section 307(a). 302. Constitutional convention (a) Election of delegates Not later than 180 days after the effective date of certification of a plebiscite under this Act that favors sovereignty in free association with the United States, the Legislative Assembly shall provide for the election of delegates to a constitutional convention to formulate and draft a constitution for the nation of Puerto Rico. (b) Eligible voters All eligible voters may vote in the election of delegates to the constitutional convention under subsection (a). (c) General applicability of electoral law The laws of the Commonwealth of Puerto Rico relating to the electoral process shall apply to an election held under subsection (a). (d) Initial meeting (1) In general Not later than 180 days after the date of the election of delegates to the constitutional convention under subsection (a), the elected delegates shall meet at such time and place as the Legislative Assembly shall determine. (2) Establishment The initial meeting of the elected delegates to the constitutional convention