Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §1513, sub-§1, as amended by PL 1999, c. 401, Pt. GGG, §1 and affected by §2, is further amended to read:
1. Maine Rainy Day Fund. The As the first priority before any other transfer, the State Controller shall at the close of each fiscal year transfer reserve from the unappropriated surplus of the General Fund to the Maine Rainy Day Fund an equal amount 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 estimate 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% of the total General Fund revenues received in the immediately preceding fiscal year and may not lapse, but remain 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% limit.
Sec. 2. 5 MRSA §1513, sub-§3-A is enacted to read:
3-A. Investment proceeds; exception. At the close of every month during which the Maine Rainy Day Fund is at the 6% limitation described in subsection 1, the State Controller shall transfer from the General Fund to the Retirement Allowance Fund established in section 17251 an amount equivalent to the investment earnings that otherwise would have been credited to the Maine Rainy Day Fund.
Sec. 3. Effective date. That section of this Act that enacts the Maine Revised Statutes, Title 5, section 1513, subsection 3-A takes effect July 1, 2003.
Effective August 11, 2000, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
