LD 1
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LR 328
Item 1

 
CHAPTER 2

 
H.P. 6 - L.D. 1

 
An Act To Increase the State Share of Education Costs,

 
Reduce Property Taxes and Reduce Government Spending at All

 
Levels

 
Be it enacted by the People of the State of Maine as follows:

 
PART A

 
Sec. A-1. 5 MRSA 1511, as amended by PL 2003, c. 451, Pt. X, 1,
is further amended to read:

 
1511. Loan Insurance Reserve

 
The State Controller shall, at the close of each fiscal year,
transfer 16% of the Unappropriated Surplus of the General Fund to
the Reserve for General Fund Operating Capital until a maximum of
$50,000,000 is achieved. The State Controller is further
authorized may, at the close of each fiscal year, to 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.


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