Sec. 1. 5 MRSA c. 153, sub-c. III is enacted to read:

SUBCHAPTER III

STATE INFRASTRUCTURE TRUST FUND

§1777.__State Infrastructure Trust Fund

1.__Fund established.__The State Infrastructure Trust Fund, referred to in this subchapter as the "fund," is established as a nonlapsing fund administered by the Commissioner of Administrative and Financial Services to be used for capital projects, including, but not limited to, highways, local road assistance, railroads and airports.

2.__Investment of funds.__The Treasurer of State shall invest the fund in accordance with section 138 and must credit all earnings to the fund.

3.__Transfer to fund.__After the provisions of section 1513 have been met, the State Controller shall at the close of each fiscal year reserve from the unappropriated surplus of the General Fund an amount equal to 1/3 the excess of total General Fund revenues received over accepted estimates in that fiscal year and transfer that amount to the fund at the beginning of the next fiscal year.

4.__Expenditures from fund.__Allocations from the fund may be made by a vote of the Legislature upon recommendation of the Governor for capital projects, including, but not limited to, highways, local road assistance, railroads and airports.

SUMMARY

This bill creates the State Infrastructure Trust Fund. The fund is capitalized by a transfer of 1/3 of unappropriated surplus from the General Fund at the close of each fiscal year. The fund is to be used for capital projects, including, but not limited to, highways, local road assistance, railroads and airports.