Yes, I will be able to re apply for Visa with proof of more funding. But if I knew for sure whether or not the 2nd year funding proof is a requirement, I could arrange for the funds and then apply. Somehow, I am uncomfortable with the idea of getting rejected the first time.
But as you had mentioned, I think there is no way of knowing what the Visa officer would expect. I have heard a lot of people saying that it depends on individual cases. So I think I will have to apply and see. I have written to the university regarding this question. Hopefully, I get a positive response. Thank you for sharing your experience.