Sec. PPP-1. 20-A MRSA §7412 is enacted to read:
§7412. Governor Baxter School for the Deaf Student Trust Fund established
1. Fund established. Notwithstanding the provisions of Title 5, section 135-A, the Governor Baxter School for the Deaf Student Trust Fund, referred to in this section as the "fund," is established.
2. Investment of funds. The money in the fund may be invested by the Treasurer of State with the assistance of one or more fiduciaries or registered investment advisors. The duties and expenses of the fiduciaries or registered investment advisors must handled in a manner consistent with Title 5, section 17108, subsections 2 and 3. All earnings must be credited to the fund.
3. Nonlapsing fund. Any unexpended funds remaining in the fund may not lapse but must be carried forward for the benefit of the fund.
4. Expenditures from the fund. Expenditures may be made from the fund only by the Legislature.
Sec. PPP-2. Transfer to Governor Baxter School for the Deaf Student Trust Fund. Notwithstanding the provisions of the Maine Revised Statutes, Title 5, chapter 316-A, the State Controller shall credit to the Governor Baxter School for the Deaf Student Trust Fund, established in Title 20-A, section 7412, a transfer of $1,000,000 from the Victim's Compensation Fund no later than June 30, 2001.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
