Public Laws

Chapter 240

H.P. 383 - L.D. 499

PART JJ

Sec. JJ-1. Interest earnings on bonds. Interest accruing to the proceeds of any bonds issued by the Maine Governmental Facilities Authority that are deposited to the construction fund held by the Maine Governmental Facilities Authority for the Bangor court facility must be used by the Judicial Department to offset the cost of any required payments made for interest or principal related to the issuance of these bonds. The interest earnings in the fund must be used for this purpose until exhausted.

Sec. JJ-2. Report on the status of the construction fund interest earnings and balance. Beginning in October 1, 2007, the Administrative Office of the Courts shall report to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and to the Commissioner of Administrative and Financial Services at the end of each quarter on the status of the construction fund, held by the Maine Governmental Facilities Authority for the Bangor court facility, including draws made for paying invoices and progress payments and interest earned on the balance of the proceeds that are available to be used for interest or principal payments in fiscal years 2007-08 and 2008-09 and any year thereafter.

Sec. JJ-3. Calculation of savings and deallocation of budgeted funds. The Commissioner of Administrative and Financial Services shall reduce allotments by financial order an equivalent amount from the General Fund account of the Judicial Department that provides for the payment of interest and principal for the Bangor Court House construction to be lapsed to the General Fund unappropriated surplus by June 30th of each fiscal year.