Section 1001b - Cash Fund for Capital and Essential Investments(a) Creation. There is hereby created the Cash Fund for Capital and Essential Investments to be administered by the Commissioner of Finance and Management, in consultation with the State Treasurer. The Fund shall have the following two subaccounts:(1) the Capital Infrastructure subaccount, to defray the costs of future capital expenditures that would otherwise be authorized in the capital construction act and paid for using the State's general obligation bonding authority and debt service obligations or paid for as a direct associated cost of a capital project; and(2) the Other Infrastructure, Essential Investments, and Reserves subaccount, to fund essential investments and infrastructure needs, create reserves for these expenditures and make contingent appropriations for other infrastructure investments, as authorized by the General Assembly.(b) Fund Accounts. (1) Capital Infrastructure subaccount. The Capital Infrastructure subaccount may consist of: (A) transfers made by the General Assembly of four percent or less of the last completed fiscal year's General Fund appropriations, less the amount necessary to fund the State's general obligation debt service in the year for which the transfer is being made, as determined by the State Treasurer and the Commissioner of Finance and Management; and(B) any interest earned by the subaccount.(2) Other Infrastructure, Essential Investments, and Reserves subaccount. The Other Infrastructure, Essential Investments, and Reserves subaccount may consist of any appropriations or transfers made by the General Assembly; from the General Fund or any other State fund and any contingent transfers made by the General Assembly from the General Fund after satisfying the requirements of 32 V.S.A. § 308 but prior to satisfying the requirements of 32 V.S.A. § 308c in any fiscal year and any contingent transfers made by the General Assembly from other State funds.(c) Use of funds. Monies in the Fund Accounts shall only be used as follows: (1) Expenditures shall only be made by the General Assembly from the Capital Infrastructure subaccount for: (A) tangible capital investments, as described in section 309 of this title, with an anticipated lifespan of 20 years or more; and(B) engineering and architectural costs directly associated with a proposed capital project.(2) Expenditures shall only be made by the General Assembly from the Other Infrastructure, Essential Investments, and Reserves subaccount for: (A) any expenditure eligible under subdivision (1) of this subsection (c); and(B) any other essential investments and infrastructure needs, including transportation-related projects and capitalization of revolving loan funds.(d) Fund balance. All balances in the Fund accounts at the end of any fiscal year shall be carried forward and remain part of the Fund accounts. Notwithstanding 32 V.S.A. § 511, the Commissioner of Finance and Management shall not anticipate receipts for the Fund accounts and issue warrants thereon.(e) Spending authority. Any entity authorized to make expenditures from the Capital Infrastructure subaccount shall have not more than two years from the legislative session in which the act authorizing the expenditure was enacted to encumber the funds. Any remaining unencumbered funds shall remain part of the Fund account.Added by 2022 , No. 185, § E.106.1, eff. 6/9/2022.