28-A §85. Inventory and working capital
Title 28-A: LIQUORS HEADING: PL 1987, C. 45, PT. A, §4 (NEW)
Part 1: GENERAL PROVISIONS HEADING: PL 1987, C. 45, PT. A, §4 (NEW)
Chapter 3-A: ADMINISTRATION AND ORGANIZATION HEADING: PL 1997, C. 373, §28 (NEW)
§85. Inventory and working capital
1. Net profits are general revenue. The net profits of the alcohol bureau from operations pursuant to this Title are general revenue of the State.
[ 1997, c. 373, §28 (NEW) .]
2. Inventory. The alcohol bureau may keep and have on hand a stock of spirits and fortified wine for sale, the value of which, when priced for resale must be computed on the delivered case cost F.O.B. liquor warehouse designated by the commission filed by liquor suppliers. The inventory value must be based upon actual cost for which payment may be due and may not at any time exceed the amount of working capital authorized. Spirits and fortified wine may not be considered in the inventory until payment has been made for them.
[ 1997, c. 373, §28 (NEW) .]
3. Authorized working capital. The maximum permanent working capital of the alcohol bureau for operations pursuant to this Title is established at $1,000,000 per fiscal year and permanent advances up to this amount may be authorized by the Governor upon recommendation of the director of the alcohol bureau with the approval of the Commissioner of Administrative and Financial Services. The permanent working capital of the alcohol bureau may be supplemented by temporary loans from other state funds upon recommendation of the director of the alcohol bureau and by approval of the Commissioner of Administrative and Financial Services and the Governor.
[ 1997, c. 373, §28 (NEW) .]
SECTION HISTORY
1997, c. 373, §28 (NEW).