Sec. B-1. 5 MRSA §1513, sub-§1-H is enacted to read:
1-H. Transfer from the Maine Rainy Day Fund; disaster assistance in 1998. The Finance Authority of Maine is authorized to request a transfer or transfers in an amount not to exceed $2,000,000 in aggregate in fiscal year 1997-98 from the available balance in the Maine Rainy Day Fund for the purpose of replenishing funds in the Economic Recovery Program authorized in Title 10, section 1026-J, subsection 4. A transfer or transfers from the fund may take place only if funds are needed by the Finance Authority of Maine to meet the needs of Title 10, section 1026-J, subsections 1 to 3. Notwithstanding subsection 2 and section 1585, the Finance Authority of Maine may request such transfer or transfers to be made available by financial order, upon the recommendation of the State Budget Officer and approval of the Governor.
Sec. B-2. Repayment to Maine Rainy Day Fund. All funds transferred by operation of this Act to the Finance Authority of Maine from the Maine Rainy Day Fund must be repaid by the authority. As the amounts loaned using the Maine Rainy Day Fund proceeds are repaid, the Finance Authority of Maine must deposit those amounts, including interest, in the Maine Rainy Day Fund at the end of each fiscal quarter.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective January 29, 1998.
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