An Act To Capitalize the Municipal Investment Trust Fund with Municipal Revenue-sharing Resources
Sec. 1. 30-A MRSA §5681, sub-§3, as amended by PL 2005, c. 266, §1, is further amended to read:
Sec. 2. 30-A MRSA §5681, sub-§5-B, as amended by PL 2007, c. 240, Pt. NNN, §1, is repealed.
Sec. 3. 30-A MRSA §5681, sub-§5-C is enacted to read:
Sec. 4. 30-A MRSA §6006-D, sub-§1, ¶B, as corrected by RR 1993, c. 2, §30, is amended to read:
(1) Sums that are appropriated by the Legislature or transferred to the fund from time-to-time by the Treasurer of State pursuant to section 5681, subsection 5-C;
(2) Principal and interest received from the repayment of loans made from the fund;
(3) Capitalization grants and awards made to the State or an instrumentality of the State by the Federal Government for any of the purposes for which the fund has been established. These amounts must be paid directly into the fund without need for appropriation by the State;
(4) Interest earned from the investment of fund balances;
(5) Private gifts, bequests and donations made to the State for any of the purposes for which the fund has been established;
(6) The proceeds of notes or bonds issued by the State for the purpose of deposit in the fund;
(7) The proceeds of notes or bonds issued by the bank for the purpose of deposit in the fund; and
(8) Other funds from any public or private source received for use for any of the purposes for which the fund has been established.
Sec. 5. 30-A MRSA c. 231, as amended, is repealed.
Sec. 6. Effective date. This Act takes effect October 1, 2009.
summary
Current law dedicates 2% of municipal revenue-sharing resources to the Fund for the Efficient Delivery of Local and Regional Services. This bill abolishes the Fund for the Efficient Delivery of Local and Regional Services and dedicates that 2% to the Municipal Investment Trust Fund beginning October 1, 2009.