Section 27(b). 1. The "Facilities Maintenance Reserve Fund" is hereby created in the state treasury for use in maintaining, repairing and renovating state facilities. "State facilities" shall include all improvements to real property owned by the state except real property owned or possessed by the conservation and highways and transportation commissions, including bridges and highways constructed pursuant to article IV, section 29.
2. Beginning July 1, 1997, moneys shall be transferred from the general revenue fund to the facilities maintenance reserve fund. The amount transferred in fiscal year 1998 shall be equal to one-tenth of one percent of net general revenue collections of fiscal year 1997. During each succeeding fiscal year the percentage of the immediately preceding fiscal year's net general revenue collections to be transferred to the facilities maintenance reserve fund shall be increased by one-tenth of one percent, until the total percentage transferred equals one percent of the net general revenue collections for the immediately preceding fiscal year. Each year thereafter one percent of the net general revenue collections for the immediately preceding fiscal year shall be transferred to the facilities maintenance reserve fund; provided, however, that the governor may reduce or eliminate the amount of this transfer during any fiscal year in which he exercised his right to reduce expenditures pursuant to article IV, section 27, or during the next succeeding fiscal year after he exercised such power. The general assembly may also appropriate other moneys to the fund.
3. Moneys in the facilities maintenance reserve fund shall be invested by the state treasurer in the same manner as other state funds are invested. Interest earned on such investments shall be credited to the facilities reserve maintenance fund.
4. The general assembly may appropriate moneys from the fund to be used for maintenance, repair or renovation of state facilities.
(Adopted November 5, 1996).