Sec. 1. 5 MRSA §1507, last ¶, as enacted by PL 1997, c. 24, Pt. C, §2, is repealed.

Sec. 2. 5 MRSA §1511, as amended by PL 2005, c. 2, Pt. A, §1 and affected by §14, is repealed.

Sec. 3. 5 MRSA §1518-A, as enacted by PL 2005, c. 2, Pt. A, §4 and affected by §14, is repealed.

Sec. 4. 5 MRSA §§1521 and 1522 are enacted to read:

§1521.__Maine Budget Stabilization Fund

1.__Establishment.__The Maine Budget Stabilization Fund, referred to in this section as "the fund," is established and must be administered for the purposes identified in this section.

2.__Transfers to fund; limits.__The fund may receive transfers by the State Controller of unappropriated surplus at the close of a fiscal year as provided in section 1995 and any other funds identified by law.__The fund may not exceed 10% of the total General Fund revenues received in the immediately preceding fiscal year and may not lapse, but remains in a continuing carrying account to carry out the purposes of this section.__The limit at the close of a fiscal year is based on the total General Fund revenues received in the fiscal year being closed.

3.__Use of fund.__The Legislature may authorize transfers, appropriations and allocations from the fund only to fund the costs of State Government up to the expenditure limit calculated under section 1994 in years when state revenues are less than the amount necessary to finance the level of expenditure permitted under section 1994.

4.__Investment of funds; proceeds.__The money in the fund may be invested as provided by law, with the earnings credited to the fund.__At the close of every month during which the fund is at the 10% limitation described in subsection 2, the State Controller shall transfer the excess to the Tax Relief Reserve Fund established under section 1995.

§1522.__Maine Highway Budget Stabilization Fund

1.__Establishment.__The Maine Highway Budget Stabilization Fund, referred to in this section as "the fund," is established and must be administered for the purposes identified in this section.