(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "Rainy Day Fund".
(b) The Rainy Day Fund shall consist of:
(1) Funds transferred to the Rainy Day Fund from the General Improvement Fund;
(2) Attorney General settlement funds;
(3) Interagency transfers of funds to the Rainy Day Fund;
(4) Any revenues provided by law; and
(5) Any other funds and fund transfers provided for by law.
(c) The Chief Fiscal Officer of the State shall use the Rainy Day Fund for transfers to:
(1)
(A) Provide funding for one (1) or more General Improvement Fund appropriations or General Improvement Fund reappropriations enacted by the General Assembly.
(B) At the time of a transfer under subdivision (c)(1)(A) of this section, the Chief Fiscal Officer of the State shall notify the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee, of the transfer of funds, the amount of funds transferred, and the purpose of the transfer; and
(2) One (1) or more funds or fund accounts authorized by the General Assembly, other than the General Improvement Fund, upon prior approval by the Legislative Council or, if the General Assembly is in session, the Joint Budget Committee.
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