Section 42A. On or before the eighth Tuesday before the primacy election in any year in which elections are held for statewide elective office, the balance of the state election campaign fund shall be determined by the comptroller as of June 30th of that year and the State Election Campaign Fund shall thereupon be divided by the comptroller into primary and state election accounts as follows: (a) 50 per cent of the fund shall be allocated to the primary election account which shall be further subdivided into as many primary candidate accounts as there are candidates for statewide elective office who have been certified by the director of campaign and political finance as eligible for public financing pursuant to section 4 of chapter 55C. Each primary candidate account of a candidate for governor so certified shall first be credited with $750,000. If the primary election account does not contain sufficient funds, this amount shall be proportionately reduced accordingly. Thereafter, funds remaining in the primary election account shall be proportionately allocated in equal amounts to the remaining primary candidate accounts; (b) 50 per cent of the fund shall be allocated to the state election account. On or before the fourth Tuesday preceding the state election, the state election account shall be further subdivided into as many state election candidate accounts as there are candidates for statewide elective office who have been certified by the director of campaign and political finance as eligible for public financing pursuant to section 6 of chapter 55C; provided, however, that one state election candidate account only shall be established for each governor and lieutenant governor team of candidates. Each state election candidate account for a team of candidates for governor and lieutenant governor so certified shall first be credited with $750,000. If the state election account does not contain sufficient funds, this amount shall be proportionately reduced accordingly. Thereafter, funds remaining in the state election account shall be proportionately allocated in equal amounts to the remaining state election candidate accounts.
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