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constitutes full and complete authority for all things contemplated | | to be done in this subchapter.__All rights and powers granted in | | this subchapter are cumulative with those derived from other | | sources and may not, except as expressly stated in this subchapter, | | be construed in limitation thereof.__Insofar as the provisions of | | this subchapter are inconsistent with any other provision of law or | | the provisions of any other act, general or special, the provisions | | of this subchapter are controlling. |
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| | | Sec. PPPP-2. Prepayment of teacher retirement contribution. The State | | Controller shall transfer $41,908,402 from General Fund | | unappropriated surplus on or before January 1, 2006 to the | | Retirement Allowance Fund. This transfer must be deposited as a | | prepayment of the unfunded actuarial liability of teachers. |
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| | | Sec. PPPP-3. Funds reserved in Budget Stabilization Fund. On or before June | | 30, 2007, the State Controller shall reserve $66,656,703 in the | | Budget Stabilization Fund. |
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| | | Sec. PPPP-4. Transfer to Pension Cost Reduction Debt Service Fund. On June 30, | | 2007, the State Controller shall transfer $8,000,000 from the | | Budget Stabilization Fund to the Pension Cost Reduction Debt | | Service Fund within the Maine Municipal Bond Bank to be held as a | | working capital reserve to account for the seasonality of | | revenues deposited to the account to ensure timely payment of | | debt service to the Bond Bank. After the final payment to the | | bank, the working capital reserve along with any interest earned, | | and after all fees have been paid to the trustee, shall revert to | | the Budget Stabilization Fund or its successor. |
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| | | Sec. PPPP-5. Appropriations and allocations. The following appropriations | | and allocations are made. |
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| | | Initiative: Deappropriates funds due to the prefunding of the | | normal cost of teachers' retirement with proceeds from the | | Pension Cost Reduction Bond. |
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| | | GENERAL FUND | 2005-06 | 2006-07 |
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| | | All Other | | ($61,167,861) | ($64,532,094) |
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| | | GENERAL FUND TOTAL | ($61,167,861) | ($64,532,094) |
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