Bay State Competitiveness Investment Fund
SECTION 89.
Notwithstanding any general or special law to the contrary, after complying with clause (a) of section 5C of chapter 29 of the General Laws the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2008 as follows: (1) if the consolidated net surplus is $25,000,000 or less, the comptroller shall transfer said amount to the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws; or (2) if the consolidated net surplus is $34,000,000 or greater, the comptroller shall transfer said amount as follows: (a) $25,000,000 shall be transferred to the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws, (b) $3,000,000 shall be transferred to the Workforce Competitiveness Trust Fund, established in section 2WWW of chapter 29; (c) $2,000,000 shall be transferred to the Massachusetts Science, Technology, Engineering, and Mathematics Grant Fund established in section 2MMM of chapter 29; (d) $4,000,000 shall be transferred to the Endowment Incentive Holding Fund established in section 7 of this act; provided, however, that $2,000,000 from said Endowment Incentive Holding Fund shall be allocated to University of Massachusetts campuses; provided further, that $1,000,000 from said Endowment Incentive Holding Fund shall be allocated to state college campuses; and provided further, that $1,000,000 from said Endowment Incentive Holding Fund shall be allocated to community college campuses; and (e) any amount remaining after the transfers pursuant to clause (a) through (d), inclusive, shall be transferred to the Commonwealth Stabilization Fund established pursuant to section 2H of chapter 29 of the General Laws. If the amount remaining after the designations in said clause (a) of said section 5C of said chapter 29 of the General Laws is greater than $25,000,000 but less than $34,000,000, then after making the transfer required in clause (a), the comptroller shall proportionately reduce the transfers required in clauses (b), (c) and (d); and provided further, that allocations from the Endowment Incentive Holding Fund pursuant to clause (d) shall also be proportionately reduced.
(b) All transfers specified in this section shall be made from the undesignated fund balances in the budgetary funds proportionally from the undesignated fund balances, provided that no such transfer shall cause a deficit in any of the funds.