CHAPTER 37
S.P. 756 - L.D. 1966
An Act To Make Allocations from the Maine Turnpike Authority Funds for the Maine Turnpike Authority for the Calendar Year Ending December 31, 2007
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Allocation. Gross revenues of the Maine Turnpike Authority for the calendar year ending December 31, 2007 must be segregated, apportioned and disbursed as designated in the following schedule.
MAINE TURNPIKE AUTHORITY 2007
Administration
Personal Services $1,027,250
All Other 1,486,495
__________
Total $2,513,745
Accounts and Controls
Personal Services $2,540,855
All Other 1,253,227
__________
Total $3,794,082
Highway Maintenance
Personal Services $3,570,641
All Other 2,870,072
__________
Total $6,440,713
Equipment Maintenance
Personal Services $920,165
All Other 1,398,104
__________
Total $2,318,269
Fare Collection
Personal Services $11,054,384
All Other 4,777,425
__________
Total $15,831,809
Public Safety and Special Services
Personal Services $445,289
All Other 6,436,226
__________
Total $6,881,515
Building Maintenance
Personal Services $606,264
All Other 641,788
__________
Total $1,248,052
Subtotal of Line Items Budgeted $39,028,185
General Contingency - 5% of line items budgeted for 2007 (10% allowed) 1,951,409
MAINE TURNPIKE AUTHORITY __________
TOTAL REVENUE FUNDS $40,979,594
Sec. 2. Transfer of allocations. Any balance of the allocation for "General Contingency" made by the Legislature for the Maine Turnpike Authority may be transferred at any time prior to the closing of the books to any other allocation or subdivision of any other allocation made by the Legislature for the use of the Maine Turnpike Authority for the same calendar year. Any balance of any other allocation or subdivision of any other allocation made by the Legislature for the Maine Turnpike Authority that at any time is not required for the purpose named in the allocation or subdivision may be transferred at any time prior to the closing of the books to any other allocation or subdivision of any other allocation made by the Legislature for the use of the Maine Turnpike Authority for the same calendar year subject to review by the joint standing committee of the Legislature having jurisdiction over transportation matters. Financial statements describing the transfer, other than a transfer from "General Contingency," must be submitted by the Maine Turnpike Authority to the Office of Fiscal and Program Review 30 days before the transfer is to be implemented. In case of extraordinary emergency transfers, the 30-day prior submission requirement may be waived by vote of the committee. These financial statements must include information specifying the accounts that are affected, amounts to be transferred, a description of the transfer and a detailed explanation as to why the transfer is needed.
Sec. 3. Encumbered balance at year-end. At the end of each calendar year, encumbered balances may be carried to the next calendar year.
Sec. 4. Supplemental information. As required by the Maine Revised Statutes, Title 23, section 1961, subsection 6, the following statement of the revenues in 2007 that are necessary for capital expenditures and reserves and to meet the requirements of any resolution authorizing bonds of the Maine Turnpike Authority during 2007, including debt service and the maintenance of reserves for debt service and reserve maintenance, is submitted.
Turnpike Revenue Bond Resolution Adopted April 18, 1991; Issuance of Bonds Authorized Pursuant to the Maine Revised Statutes, Title 23, section 1968, subsections 1 and 2-A.
2007
Debt Service Fund $24,051,801
Reserve Maintenance Fund 22,000,000
General Reserve Fund, to be
applied as follows:
Capital Improvements 3,096,487
Debt Service Fund under the
General Special Obligation
Bond Resolution adopted
May 15, 1996; issuance of
bonds authorized pursuant to
the Maine Revised Statutes, Title
23, section 1968, subsection 2-A
2,464,588
__________
TOTAL $51,612,876
Effective August 23, 2006.
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