It means "when the time reaches the specified time, go on."
&3 means @_time >= 3
or in english: "When the variable '_time' is equal to or greater than 3, go on."
Every time you start a script, a local variable called _time is created. It counts up from zero when the script starts and keeps track of how much time the script has run.
Here is a blurb about it in the official command ref:
Waiting for a time: line starting with '&'.
Example: &endTime is equivalent to @_time >= (endTime)
When they say "endTime" they are expecting you to assign a number to it.