(a) There is established a fund to be known as the “Municipal Revenue Sharing Fund” which shall be a separate, nonlapsing fund. The fund shall contain any moneys required by law to be deposited in the fund. Moneys in the fund shall be expended by the Secretary of the Office of Policy and Management for the purposes of providing grants pursuant to subsections (c) to (f), inclusive, of this section. (b) For the fiscal year ending June 30, 2017, ten million dollars shall be transferred from such fund not later than April fifteenth for the purposes of grants under section 10-262h . (c) For the fiscal year ending June 30, 2024, and each fiscal year thereafter, moneys sufficient to make motor vehicle property tax grants payable to municipalities pursuant to subsection (c) of section 4-66 l shall be expended not later than August first annually by the secretary. (d) For the fiscal year ending June 30, 2024, and each fiscal year thereafter, moneys sufficient to make the grants payable pursuant to subsections (d) and (e) of section 12-18b shall be expended by the secretary. (e) (1) For the fiscal year ending June 30, 2024, and each fiscal year thereafter, each municipality or district listed below shall receive the following supplemental revenue sharing grant payable not later than October thirty-first annually: (2) If the total of grants payable to each municipality and district in accordance with subdivision (1) of this subsection exceeds the amount appropriated for the purposes of said subdivision, the amount of the grant payable to each municipality and district shall be reduced proportionately. (f) (1) For the fiscal year ending June 30, 2024, and each fiscal year thereafter, moneys remaining in the Municipal Revenue Sharing Fund, including moneys accrued to the fund during such fiscal year but received after the end of such fiscal year, shall be expended not later than October first following the end of each such fiscal year by the secretary for the purposes of the municipal revenue sharing grants established pursuant to subsection (d) of section 4-66 l . (2) The amount of the grant payable to a municipality in any year in accordance with subdivision (1) of this subsection shall be reduced proportionately in the event that the total of such grants in such year exceeds the amount available for such grants in the Municipal Revenue Sharing Fund established pursuant to subsection (a) of this section.
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