B. After the first 5 years that the State receives money pursuant to subsection 2, paragraph A, the Treasurer of State shall report to the Legislature the amount that is available for allocation to the Maine Biomedical Research Fund established in Title 5, section 13103, subsection 3 and for the purposes specified in subsection 6 equal to 90% of the sum of the amount expected to be available in the fund from all sources. Of that 90%, 1/3 must be allocated to the Maine Biomedical Research Fund and 2/3 is available for allocations for the purposes specified in subsection 6. The remaining funds must be held in a contingency reserve.

SUMMARY

This bill earmarks a portion of the State's tobacco settlement funds to be used in the Maine Biomedical Research Program. The program is administered by the Department of Economic and Community Development and provides funding to Maine-based nonprofit institutions to conduct biomedical research.