| 1. Maine Rainy Day Fund. As the first priority before any |
other transfer, the State Controller shall at the close of |
each fiscal year reserve from the unappropriated surplus of |
the General Fund an amount equal to 1/2 the excess of total |
General Fund revenues received over accepted estimates in that |
fiscal year and transfer that amount to the Maine Rainy Day |
Fund at the beginning of the next fiscal year. Accepted |
revenue estimates 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 6% 10% of the total General |
Fund revenues received in the immediately preceding fiscal |
year and may not lapse, but remains 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 6% 10% limit. |