Sec. 1. 23 MRSA §7103, as amended by PL 1995, c. 504, Pt. B, §8, is repealed.

Sec. 2. 23 MRSA c. 621, sub-c. III is enacted to read:

SUBCHAPTER III

I.PASSENGER RAIL TRUST FUND

§8201.__Purpose

The Passenger Rail Trust Fund, referred to in this subchapter as the "fund," is established to enhance, upgrade and encourage passenger rail service in this State.

§8202.__Board of directors

The Governor shall appoint 5 members to serve as a board of directors to administer the fund.__Members of the board serve at the pleasure of the Governor.

§8203.__Use of fund

The fund may be used only for:

1.__Maintenance.__Maintenance and improvements to passenger rail infrastructure;

2.__Purchase or lease of real property.__The purchase or lease of real property to support passenger rail service;

3.__Operating assistance.__Operating assistance to passenger rail service providers offering service in this State;

4.__Tax-credit incentive.__A tax-credit incentive for on-time service performance by passenger rail service providers offering service in this State; and

5.__Planning.__Passenger rail planning provided by the Department of Transportation.

§8204.__Source of funds

The fund is funded from the following sources:

1.__Excise taxes.__All excise tax revenues collected from railroad companies pursuant to Title 36, section 2625-A;