| 1. Maine Rainy Day Fund. The State Controller shall at the |
| close of each fiscal year transfer from the unappropriated |
| surplus of the General Fund to the Maine Rainy Day Fund 1/2 the |
| excess of total General Fund revenues received over accepted |
| estimates in that fiscal year. Accepted revenue estimate may not |
| be increased after adjournment of each First Regular Session of |
| the Legislature except as provided. For the first year of the |
| biennium, revenue estimates for the 2nd year of the biennium may |
| be adjusted once during the Second Regular Session of the |
| Legislature. Accepted revenue estimates may be increased for |
| other fiscal periods only if an amount not to exceed 1/2 of the |
| increase is transferred by the State Controller to the Rainy Day |
| Fund at the same time from the unappropriated surplus of the |
General Fund. The fund may not exceed 5% |
| Fund revenues received in the immediately preceding fiscal year |
| and may not lapse, but remain in a continuing carrying account to |
| carry out the purposes of this section. A reduction in the fund |
| is not necessary in the event the total General Fund revenues |
| received in the immediately preceding fiscal year are less than |
| the total General Fund revenues received in the fiscal year 2 |
years previous and if the fund is at its 5% |
| 1999, the State Controller shall transfer to the Maine Rainy Day |
| Fund the balance of funds reserved in the General Fund as a |
| result of the transfers provided for in Title 36, section 1811, |
| 3rd paragraph. |
