The State Controller may, at the close of each fiscal year, as the next priority after the transfers authorized pursuant to section 1507, transfer from the Unappropriated Surplus of the General Fund to the Loan Insurance Reserve amounts as may be available from time to time, up to an amount of $1,000,000 per year after the transfers have been made pursuant to section 1507. The balance of this reserve must be paid to the Finance Authority of Maine if such payment does not cause the balance in the reserve fund maintained by the authority, when added to amounts held in the Finance Authority of Maine Mortgage Insurance Fund that are not committed or encumbered for another purpose, to exceed $35,000,000. Any balance in the Loan Insurance Reserve is appropriated for this purpose.

Sec. VV-3. 5 MRSA §1535, as enacted by PL 2005, c. 2, Pt. A, §5 and affected by §14, is amended to read:

§1535. General Fund transfers to stabilization fund

Baseline General Fund revenue, as recommended by the Revenue Forecasting Commission and authorized in accordance with chapter 151-B, and other available budgeted General Fund resources that exceed the General Fund appropriation limitation established by section 1534 must be transferred to the stabilization fund. The State Controller, at the close of each fiscal year, shall transfer the available balance remaining in the General Fund to the stabilization fund after all required deductions of appropriations, budgeted financial commitments and other adjustments considered necessary by the State Controller.

Sec. VV-4. 5 MRSA §1536, sub-§1, as enacted by PL 2005, c. 2, Pt. A, §5 and affected by §14, is further amended to read:

1. Third priority reserve. The State Controller shall, as the first 3rd priority after the transfers to the State Contingent Account pursuant to section 1507 and the transfers to the Loan Insurance Reserve pursuant to section 1511 at the close of each fiscal year, reserve transfer from the unappropriated surplus of the General Fund an amount equal to the excess of total baseline General Fund revenue received over accepted estimates in that fiscal year and transfer that amount at the beginning of the next fiscal year amount available from the unappropriated surplus after all required deductions of appropriations, budgeted financial commitments and adjustments considered necessary by the State Controller have been made as follows:

A. Thirty-two Thirty-five percent to the stabilization fund;