Job Growth Initiative I
SECTION 48.
(a) 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 2007 as follows: (i) if the consolidated net surplus for fiscal year 2007 is at least $150,000,000, then the comptroller shall transfer $100,000,000 from the General Fund to the Bay State Competitiveness Investment Fund, established in section 47 and shall transfer the remaining amount to the Stabilization Fund established pursuant to section 2H of chapter 29 of the General Laws; (ii) if the consolidated net surplus for fiscal year 2007 is greater than $50,000,000, but less than $150,000,000, then the comptroller shall transfer $50,000,000 from the General Fund to the Stabilization Fund and shall transfer the remaining amount from the General Fund to the Bay State Competitiveness Investment Fund, established in said section 47; (iii) if the consolidated net surplus for fiscal year 2007 is $50,000,000 or less, then the comptroller shall transfer the entire consolidated net surplus from the General Fund to the Stabilization Fund.
(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.