§2046.__Transfers and refund of unallocated Highway Fund surplus

1.__Fund created.__The Highway Fund Reserve Fund, referred to in this section as "the fund," is created for the purposes set forth in this chapter.

2.__Transfer.__At the close of each fiscal year, the State Controller shall identify the amount of Highway Fund unallocated surplus and make the following transfers:

A.__Eighty percent of the unallocated surplus must be transferred to the fund; and

B.__Twenty percent of the unallocated surplus must be transferred to the Maine Highway Budget Stabilization Fund established in section 1523.

3.__Notification.__By September 15th annually, the State Controller shall notify the Legislature of the amount in the fund as a result of the transfers required by subsection 2.

4.__Refund through legislative action.__If the amount in the fund exceeds 10% of Highway Fund expenditures for the previous fiscal year, the State Tax Assessor shall calculate, based on the amount in the fund, a proportional reduction in the taxes on motor fuels under Part 5 to become effective the following January 1st and remain in effect for one calendar year.

§2047.__Revenues of quasi-governmental agencies and Other Special

Revenue funds accounts

By September 15th annually, each quasi-governmental agency or state agency that manages an Other Special Revenue funds account shall submit an annual report to the Legislature identifying revenues received in the preceding fiscal year that exceed the expenditure limitation established in section 2044 and any other uncommitted revenues received during the previous fiscal year and proposing a plan for refunding the amount identified that exceeds 10% of the previous fiscal year's expenditure.

§2048.__Refund of excess local revenues

If a local district receives revenues in a fiscal year in excess of the expenditure limitation under section 2044 the