PART B

Sec. B-1. 37-B MRSA §708 is enacted to read:

§708.__Emergency Management Preparedness and Assistance Trust Fund

1. Creation of fund.__The Emergency Management Preparedness and Assistance Trust Fund, referred to in this section as "the fund," is established as a nonlapsing, revolving fund to provide loans and grants to assist persons or municipalities suffering loss from disaster.

2. Fund sources.__The following money must be paid into the fund:

A.__All money appropriated for inclusion in the fund;

B.__Subject to any pledge, contract or other obligation, all interest, dividends or other pecuniary gains from investment of money from the fund;

C.__Subject to any pledge, contract or other obligation, any money that the agency receives in repayment of grants or loans from the fund;

D.__Any sums designated for deposit into the fund from any source, public or private; and

E.__Any other money available to the agency and directed by the agency to be paid into the fund.

3. Administration.__The director shall administer the fund.__ The director shall develop an application process and criteria for distribution of grants and loans under this section.__Money in the fund not immediately required pursuant to this section must be invested by the Treasurer of State as authorized by Title 5, section 138. Interest on these investments must be credited to the fund.

Sec. B-2. Appropriations and allocations. The following appropriations and allocations are made.

DEFENSE, VETERANS AND EMERGENCY MANAGEMENT,

DEPARTMENT OF