Sec. UU-1. PL 2003, c. 513, Pt. O, §1 is amended to read:
Sec. O-1. Transfer of funds. Notwithstanding any other provision of law, the State Controller shall transfer up to $10,000,000 in fiscal year 2003-04 from the Retiree Health Insurance Fund to the unappropriated surplus of the General Fund no later than June 30, 2004. On or after July 1, 2005 August 1, 2004, the State Controller shall transfer $10,000,000 along with interest from the General Fund to the Retiree Health Insurance Fund as repayment. The transfer is considered an interfund loan to be repaid with interest of 8% compounded annually on the unpaid balance.
Sec. UU-2. Cost-reimbursement funding for Retiree Health Insurance Fund. Notwithstanding any other provision of law, the Department of Administrative and Financial Services shall manage the Retiree Health Insurance Fund on a cost-reimbursement basis of funding and accounting beginning June 30, 2005.
Sec. UU-3. Distribution of excess equity. Notwithstanding any other provision of law, the Department of Administrative and Financial Services shall calculate the amount of the excess equity to be returned to each participating fund and ancillary group contributing to the Retiree Health Insurance Fund after retaining a reasonable amount of working capital. An amount equal to $1,100,000 of the equity contributed by the Maine Community College System must be transferred to the unappropriated surplus of the General Fund no later than June 30, 2005. The remaining excess must be returned to the fund of origin by June 30, 2005.
Sec. UU-4. Appropriations and allocations. The following appropriations and allocations are made.
COMMUNITY COLLEGE SYSTEM - BOARD OF
TRUSTEES OF THE MAINE
Maine Community College System - Board
of Trustees 0556
Initiative: Provides for the appropriation of funds as a result of the divestiture of the Retiree Health Insurance Fund.
General Fund 2003-04 2004-05
All Other $0 $1,100,000
__________ __________
General Fund Total $0 $1,100,000
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