CHAPTER 556
S.P. 637 - L.D. 1854
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §1513, sub-§1, as amended by PL 1991, c. 589, §2, is further amended to read:
1. Maine Rainy Day Fund. The State Controller shall at the close of each fiscal year transfer from the unappropriated surplus of the General Fund to the Maine Rainy Day Fund 1/2 40% of the excess of total General Fund revenues received over accepted estimates in that fiscal year. No accepted revenue estimate may be increased after adjournment of each First Regular Session of the Legislature except as provided. For the first year of the biennium, revenue estimates for the 2nd year of the biennium may be adjusted once during the Second Regular Session of the Legislature. Accepted revenue estimates may be increased for other fiscal periods only if an amount not to exceed 1/2 40% of the increase is appropriated to the Rainy Day Fund at the same time. The fund may not exceed 4% of the total General Fund revenues received in the immediately preceding fiscal year and may not lapse, but remain in a continuing carrying account to carry out the purposes of this section. No reduction in the fund is necessary in the event the total General Fund revenues received in the immediately preceding fiscal year are less than the total General Fund revenues received in the fiscal year 2 years previous and if the fund is at its 4% limit.
Sec. 2. 5 MRSA §1517, as enacted by PL 1995, c. 464, §4, is amended to read:
§1517. Transfer to Retirement Allowance Fund
At the close of each fiscal year, the State Controller shall transfer from the unappropriated surplus of the General Fund to the Retirement Allowance Fund established in section 17251 an amount equal to 1/2 of the balance remaining after all other required transfers from the excess of total General Fund revenues received over accepted estimates in that fiscal year and all required deductions of appropriations, financial commitments, designated funds, transfers from the unappropriated surplus of the General Fund or transfers from the available balance remaining in the General Fund have been made 20% of the excess of total General Fund revenues received over accepted estimates in that fiscal year.
General Fund revenue estimates may be made once during the First Regular Session of the Legislature and adjustments to these accepted revenue estimates may be made once during the Second Regular Session of the Legislature without mandatory transfer of funds to the Retirement Allowance Fund. If adjustments are made to those initial estimates presented to each regular session of the Legislature, an amount not to exceed 1/2 20% of the excess of the estimated revenue over the amounts required by law to be set aside for other purposes must be appropriated to the Retirement Allowance Fund.
Sec. 3. 10 MRSA c. 107-C is enacted to read:
CHAPTER 107-C
MAINE ECONOMIC IMPROVEMENT FUND
The Maine Economic Improvement Fund is established to administer investments in targeted research and development and product innovation and to provide the basic investment necessary to obtain matching funds and competitive grants from private and federal sources.
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
1. Fund. "Fund" means the Maine Economic Improvement Fund.
2. Research and development. "Research and development" means applied scientific research and related commercial development conducted by the University of Maine System, its member institutions and its employees and students in the target areas.
3. Target areas. "Target areas" mean the following economic sectors for which applied research and development is considered most likely to produce significant benefits to the people and economy of the State:
A. Aquaculture and marine sciences and technology;
B. Biotechnology;
C. Composite materials engineering;
D. Environmental sciences and technology; and
E. Information sciences and technology.
The Board of Trustees of the University of Maine System shall administer the fund. The board may utilize the assets of the fund to carry out and effectuate the purposes, duties and responsibilities of this chapter, including, but not limited to:
A. Taking actions in partnership with private enterprise, the Federal Government and private and public research institutions to:
(1) Invest in applied research and development in the target areas within the University of Maine System; and
(2) Support the development of private enterprise based upon research and development performed within the University of Maine System;
B. Receiving money from any public or private source to augment state contributions to the fund;
C. Approving an annual budget for the fund and investing and expending money from within the fund;
D. Contracting with public entities as necessary to further the directives of this section;
E. Carrying forward any unexpended state appropriations into succeeding fiscal years;
F. Providing an annual report to the Governor and the Legislature by January 1st of each regular session of the Legislature setting forth:
(1) The operations and accomplishments of the fund during the fiscal year; and
(2) The assets and liabilities of the fund at the end of its most recent fiscal year; and
G. Protecting all intellectual property in accordance with the "University of Maine System Statement of Policy Governing Patents and Copyrights," including, but not limited to, proprietary information contained in proposals, grants, contracts or other legal agreements. Publication of information may be reasonably delayed until appropriate measures have been taken to protect the intellectual property.
Sec. 4. Maine Economic Improvement Task Force established.
1. Establishment. The Maine Economic Improvement Task Force, referred to in this Act as the "task force," is established. The task force shall review and summarize the current policies and programs within the State in support of applied research and development in the following target areas:
A. Aquaculture and marine sciences and technology;
B. Biotechnology;
C. Composite materials engineering;
D. Environmental sciences and technology; and
E. Information sciences and technology.
The task force shall create a plan to coordinate and maximize these policies and programs throughout the State.
2. Membership. The task force consists of 9 members, appointed as follows:
A. Two members from the University of Maine System, appointed by the Chancellor of the University of Maine System;
B. One member from the Maine Technical College System, appointed by the President of the Maine Technical College System;
C. One member from the Maine Maritime Academy, appointed by the President of the Maine Maritime Academy;
D. One member from the Maine Science and Technology Foundation, appointed by the President of the Maine Science and Technology Foundation;
E. Two members from the Department of Economic and Community Development, the Department of Marine Resources or the State Planning Office, appointed by the Governor;
F. One member appointed by the President of the Senate; and
G. One member appointed by the Speaker of the House of Representatives.
3. Appointments. All appointments must be made no later than 30 days following the effective date of this Act. The appointing authorities shall notify the Executive Director of the Legislative Council upon making their appointments. When the appointment of all members is complete, the Chair of the Legislative Council shall call and convene the first meeting of the task force no later than November 1, 1997. The task force shall select a chair from among its members.
4. Duties. The task force shall review and summarize the current policies and programs in support of research and development within the State. The task force also shall review the policies and programs that are employed by other states. The task force shall create a plan to coordinate and maximize these policies and programs throughout the State.
5. Staff assistance. The task force shall request staffing and clerical assistance from the Maine Science and Technology Foundation, which must be provided within available resources.
6. Compensation. The legislative members of the task force are entitled to legislative per diem as defined in the Maine Revised Statutes, Title 3, section 2 and reimbursement for travel and other necessary expenses for attendance at meetings of the task force. Other members are not entitled to compensation.
7. Report. The task force shall submit its findings and plan to the Second Regular Session of the 118th Legislature by January 1, 1998. If the task force requires an extension of time to make its report it may
apply to the Legislative Council, which may grant the extension.
Effective September 19, 1997, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
