LD 1
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LR 328
Item 1

 
except as provided by section 1533, may not be reduced below 1%
of total General Fund revenue in the immediately preceding state
fiscal year.__For the purposes of this subsection, at the close
of a fiscal year, "immediately preceding state fiscal year" means
the fiscal year that is being closed.

 
2. Expenditures from fund.__Except as otherwise provided in
this section, amounts in the stabilization fund may be expended
only to offset a General Fund revenue shortfall.

 
3. Fund to be nonlapsing.__The balance of the stabilization
fund may not lapse but must be carried forward to carry out the
purposes of this chapter.

 
4. Investment of funds. The money in the stabilization fund
may be invested as provided by law with the earnings credited to
the stabilization fund.

 
5. Investment proceeds; exception. At the close of every month
during which the stabilization fund is at the 12% limitation
described in subsection 1, the State Controller shall transfer
from the General Fund to the Retirement Allowance Fund
established in section 17251 an amount equal to the investment
earnings that otherwise would have been credited to the
stabilization fund.

 
6. Death benefits. The Governor shall allocate funds from the
stabilization fund as needed to pay benefits due pursuant to
Title 25, chapter 195-A. Allocations may be made upon written
request of the Chief of the State Police, the State Fire Marshal
or the Director of Maine Emergency Medical Services and after
consultation with the State Budget Officer.

 
1533.__Declaration of budget emergency

 
If the Legislature has adjourned sine die prior to the close
of a fiscal year and the commissioner has provided notification
as required by section 1668 that indicates that available General
Fund resources will not be sufficient to meet General Fund
expenditures, the commissioner may declare a budget emergency.__
At the close of the fiscal year, the State Controller may
transfer from the available balance in the stabilization fund to
the General Fund Unappropriated Surplus up to the amount
necessary to increase total General Fund resources for that
fiscal year to be equal to General Fund expenditures.__For the
purposes of this section, the Governor may reduce the
stabilization fund below the 1% minimum threshold established by
section 1532.__The Governor shall inform the Legislative Council
and the joint standing committee of the Legislature having


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