Sec. S-1. Transfer to the Maine State Retirement System. Notwithstanding any other provision of law, after the State Controller closes the financial accounts of the State for the fiscal year ending June 30, 1997, an amount not to exceed $2,100,000 must be transferred to the Maine State Retirement System, Retirement Allowance Fund from the available balance remaining in the General Fund after the transfers required in Part E of this Act as the next priority, prior to any other transfers or statutory obligations, to be made available by financial order upon the recommendation of the State Budget Officer and approval of the Governor. The transferred amount represents the payment of the actuarial cost plus any accumulated interest of early retirement incentives made to employees of the school units of Jay, Scarborough, York, S.A.D. 25, S.A.D. 52, S.A.D. 56, School Union 29 and School Union 30. If the transferred amount is less than the full actuarial cost, including interest, the unpaid balance must be prorated among the 8 listed school administrative units in proportion to their original obligations, and must be paid by the units to the retirement system in accordance with the provisions of Public Law 1995, chapter 541, except that the initial amount transferred must be considered payment of any past obligations and interest-related expenses.
Sec. S-2. Transfer to the Department of Transportation. Notwithstanding any other provision of law, after the State Controller closes the financial accounts of the State for the fiscal year ending June 30, 1997, an amount not to exceed $2,000,000 must be transferred to the Department of Transportation to be applied towards the purchase of Sears Island from the balance remaining in the General Fund after the deduction of all appropriations, financial commitments, other designated funds or any other transfer authorized in statute to be made available by financial order upon the recommendation of the State Budget Officer and approval of the Governor.
Sec. S-3. Transfer to the Board of Trustees of the University of Maine System. Notwithstanding any other provision of law, after the State Controller closes the financial accounts of the State for the fiscal year ending June 30, 1998, an amount not to exceed $2,000,000 must be transferred to the Board of Trustees of the University of Maine System for the Maine Economic Improvement Strategy from the balance remaining in the General Fund after the deduction of all appropriations, financial commitments or other designated funds to be made available by financial order upon the recommendation of the State Budget Officer and approval of the Governor.
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