Sec. 50. 20-A MRSA §10006, sub-§1, as enacted by PL 1999, c. 511, §1, is amended to read:

1. Endowment Incentive Fund; nonlapsing fund. The Endowment Incentive Fund, referred to in this section as the "endowment fund," is created to provide an incentive for private donations for endowment purposes to and for the benefit of the University of Maine System, the Maine Technical Community College System and the Maine Maritime Academy, referred to in this section as "postsecondary entities," by providing matching state funds for certain private donations for specified purposes. Any funds appropriated by the Legislature to carry out the purposes of this section may not lapse and must be carried forward for continued use in the fund.

Sec. 51. 20-A MRSA §10006, sub-§2, as corrected by RR 1999, c. 1, §26, is amended to read:

2. Treasurer of State authority for deposit of state funds; interest earned on the endowment fund; disbursement of endowment funds. The Treasurer of State is responsible for the custodial care of the endowment fund and may deposit state funds pursuant to Title 5, section 135. Interest earned on the investment of the endowment fund must be credited to the respective postsecondary entity or its qualified institutionally related foundation. The Treasurer of State is responsible for disbursement of the endowment fund, upon certification by the Chancellor of the University of Maine System, the President of the Maine Technical Community College System and the President of the Maine Maritime Academy that the criteria established in subsection 3 are met.

Sec. 52. 20-A MRSA §10006, sub-§4, as enacted by PL 1999, c. 511, §1, is amended to read:

4. Qualified recipients; institutionally related foundations; management of endowment funds. Qualified recipients of private donations eligible for matching funds are the