Sec. 1. 5 MRSA §1516-A, sub-§5 is enacted to read:

5.__Source of funds.__The State Controller may, at the close of each fiscal year and as the last priority after all other transfers, transfer from the unappropriated surplus of the General Fund to the fund such amounts as may be available from time to time up to $2,000,000 a year until a maximum of 1.5% of the State's insured property value is achieved.

SUMMARY

This bill provides a source of funding for the Capital Construction and Improvements Reserve Fund, a fund for capital projects that construct, renovate or improve state facilities. Annually, and as a last priority after all other transfers from the General Fund surplus, the State Controller is authorized to transfer up to $2,000,000 from the surplus to the Capital Construction and Improvements Reserve Fund until the fund reaches a maximum of 1.5% of the insured value of state property.