Section 63. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Central Artery and Statewide Road and Bridge Infrastructure Fund for the purposes of meeting (i) the estimated additional costs associated with the Central Artery/Ted Williams Tunnel Project; (ii) the costs of the statewide road and bridge program; (iii) the principal and interest expenses on bonds or notes issued after July 1, 2007 to pay costs of these projects; (iv) payments or credits to the federal government to reimburse it for any costs of the Central Artery/Ted Williams Tunnel Project paid by the federal government for which it is entitled to reimbursement from amounts received and deposited in the fund; and (v) for the period covering July 1, 2005 to June 30, 2009, excess registry fees not required for the purposes of clauses (i), (ii), (iii) and (iv), for the costs of transferring the regional transit authorities from funding in arrears to current year funding, in an aggregate amount not to exceed $50,000,000 total for said period.
The amounts expended from said fund for the statewide road and bridge program shall not be subject to further appropriation and shall be expended exclusively on actual construction costs of said program in the amount of not less than $100,000,000 annually in fiscal years 2001 to 2005, inclusive; provided, that said amounts shall not be expended for any costs attributable to municipal reimbursements owed under the chapter 90 program, so-called, the public works and economic development programs, the costs of administrative, maintenance, engineering and environmental operations of the department of highways and the costs associated with right-of-way acquisition, design, utility and force account work.
Revenues credited to the fund shall include any appropriations to the fund, amounts transferred to the fund from other instrumentalities of the commonwealth, transfers to said fund from other funds of the commonwealth, certain sums recovered pursuant to section 83 of chapter 4 of the acts of 2003, any sums received by the commonwealth related to insurance programs or policies for the Central Artery/Ted Williams Tunnel Project, in this section called the project, sums received by the Massachusetts Turnpike Authority from the sale, lease, license or other use of any land or facility that the authority is required by law or contract to pay to the commonwealth for costs of the project or to reimburse the commonwealth for costs of the project, and, any interest earned on balances contained therein and all other revenues specifically dedicated to the fund. The fund shall be held in trust by the state treasurer exclusively for the purposes established herein. The state treasurer shall be the treasurer and custodian of the fund and shall have the custody of its monies and securities.
The state treasurer may invest any monies held for the credit of the fund in instruments permitted under sections 38, 38A, 38C and 49 of chapter 29 and as follows:
(a) commercial or finance company paper, including both non-interest-bearing discount obligations and interest bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof, that is rated in one of the two highest rating classifications by a nationally recognized rating service;
(b) securities bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the United States or any state thereof and rated in one of the two highest rating classifications by any nationally recognized rating service at the time of such investment or contractual commitment providing for such investment;
(c) units of taxable money market funds which funds are regulated investment companies and seek to maintain a constant net asset value per share and have been rated in one of the two highest rating classifications by a nationally recognized rating service;
(d) investment agreements or guaranteed investment contracts rated, or with any financial institution whose senior long-term debt obligations are rated, or guaranteed by a financial institution whose senior long-term debt obligations are rated, at the time such agreement or contract is entered into, in one of the two highest rating classifications by a nationally recognized rating service; and
(e) investment agreements with a corporation whose principal business is to enter into such agreements if: (a) such corporation and the investment agreements of such corporation are each rated in one of the two highest rating classifications by a nationally recognized rating service; and (b) the commonwealth has an option to terminate each agreement in the event that such rating is downgraded below such two highest rating classifications.
The state treasurer shall, with the approval of the executive office of administration and finance, transfer the excess registry fees to the Regional Transit Authority Forward Funding Trust Fund on or before June 30 of each fiscal year, provided that the amount so transferred shall not exceed an aggregate amount of $50,000,000 for the period of July 1, 2005 to June 30, 2008. The state treasurer shall report excess registry fees identified and actual balance transfers to the senate and house committees on ways and means, the joint committee on transportation, the executive office of administration and finance and the executive office of transportation by August 15 of each year.
The comptroller shall make payments from the fund established by this section, without further appropriation, for the purposes specified in this section.
Section 63. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Central Artery and Statewide Road and Bridge Infrastructure Fund for the purposes of meeting (i) the estimated additional costs associated with the Central Artery/Ted Williams Tunnel Project; (ii) the costs of the statewide road and bridge program; (iii) the principal and interest expenses on bonds or notes issued after July 1, 2007 to pay costs of these projects; (iv) payments or credits to the federal government to reimburse it for any costs of the Central Artery/Ted Williams Tunnel Project paid by the federal government for which it is entitled to reimbursement from amounts received and deposited in the fund; and (v) for the period covering July 1, 2005 to June 30, 2009, excess registry fees not required for the purposes of clauses (i), (ii), (iii) and (iv), for the costs of transferring the regional transit authorities from funding in arrears to current year funding, in an aggregate amount not to exceed $50,000,000 total for said period.
The amounts expended from said fund for the statewide road and bridge program shall not be subject to further appropriation and shall be expended exclusively on actual construction costs of said program in the amount of not less than $100,000,000 annually in fiscal years 2001 to 2005, inclusive; provided, that said amounts shall not be expended for any costs attributable to municipal reimbursements owed under the chapter 90 program, so-called, the public works and economic development programs, the costs of administrative, maintenance, engineering and environmental operations of the department of highways and the costs associated with right-of-way acquisition, design, utility and force account work.
Revenues credited to the fund shall include any appropriations to the fund, amounts transferred to the fund from other instrumentalities of the commonwealth, transfers to said fund from other funds of the commonwealth, certain sums recovered pursuant to section 83 of chapter 4 of the acts of 2003, any sums received by the commonwealth related to insurance programs or policies for the Central Artery/Ted Williams Tunnel Project, in this section called the project, sums received by the Massachusetts Turnpike Authority from the sale, lease, license or other use of any land or facility that the authority is required by law or contract to pay to the commonwealth for costs of the project or to reimburse the commonwealth for costs of the project, and, any interest earned on balances contained therein and all other revenues specifically dedicated to the fund. The fund shall be held in trust by the state treasurer exclusively for the purposes established herein. The state treasurer shall be the treasurer and custodian of the fund and shall have the custody of its monies and securities.
The state treasurer may invest any monies held for the credit of the fund in instruments permitted under sections 38, 38A, 38C and 49 of chapter 29 and as follows:
(a) commercial or finance company paper, including both non-interest-bearing discount obligations and interest bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof, that is rated in one of the two highest rating classifications by a nationally recognized rating service;
(b) securities bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the United States or any state thereof and rated in one of the two highest rating classifications by any nationally recognized rating service at the time of such investment or contractual commitment providing for such investment;
(c) units of taxable money market funds which funds are regulated investment companies and seek to maintain a constant net asset value per share and have been rated in one of the two highest rating classifications by a nationally recognized rating service;
(d) investment agreements or guaranteed investment contracts rated, or with any financial institution whose senior long-term debt obligations are rated, or guaranteed by a financial institution whose senior long-term debt obligations are rated, at the time such agreement or contract is entered into, in one of the two highest rating classifications by a nationally recognized rating service; and
(e) investment agreements with a corporation whose principal business is to enter into such agreements if: (a) such corporation and the investment agreements of such corporation are each rated in one of the two highest rating classifications by a nationally recognized rating service; and (b) the commonwealth has an option to terminate each agreement in the event that such rating is downgraded below such two highest rating classifications.
The state treasurer shall, with the approval of the executive office of administration and finance, transfer the excess registry fees to the Regional Transit Authority Forward Funding Trust Fund on or before June 30 of each fiscal year, provided that the amount so transferred shall not exceed an aggregate amount of $50,000,000 for the period of July 1, 2005 to June 30, 2008. The state treasurer shall report excess registry fees identified and actual balance transfers to the senate and house committees on ways and means, the joint committee on transportation, the executive office of administration and finance and the executive office of transportation by August 15 of each year.
The comptroller shall make payments from the fund established by this section, without further appropriation, for the purposes specified in this section.
Section 63. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Central Artery and Statewide Road and Bridge Infrastructure Fund for the purposes of meeting (i) the estimated additional costs associated with the Central Artery/Ted Williams Tunnel Project; (ii) the costs of the statewide road and bridge program; (iii) the principal and interest expenses on bonds or notes issued after July 1, 2007 to pay costs of these projects; (iv) payments or credits to the federal government to reimburse it for any costs of the Central Artery/Ted Williams Tunnel Project paid by the federal government for which it is entitled to reimbursement from amounts received and deposited in the fund; and (v) for the period covering July 1, 2005 to June 30, 2009, excess registry fees not required for the purposes of clauses (i), (ii), (iii) and (iv), for the costs of transferring the regional transit authorities from funding in arrears to current year funding, in an aggregate amount not to exceed $50,000,000 total for said period.
The amounts expended from said fund for the statewide road and bridge program shall not be subject to further appropriation and shall be expended exclusively on actual construction costs of said program in the amount of not less than $100,000,000 annually in fiscal years 2001 to 2005, inclusive; provided, that said amounts shall not be expended for any costs attributable to municipal reimbursements owed under the chapter 90 program, so-called, the public works and economic development programs, the costs of administrative, maintenance, engineering and environmental operations of the department of highways and the costs associated with right-of-way acquisition, design, utility and force account work.
Revenues credited to the fund shall include any appropriations to the fund, amounts transferred to the fund from other instrumentalities of the commonwealth, transfers to said fund from other funds of the commonwealth, certain sums recovered pursuant to section 83 of chapter 4 of the acts of 2003, any sums received by the commonwealth related to insurance programs or policies for the Central Artery/Ted Williams Tunnel Project, in this section called the project, sums received by the Massachusetts Turnpike Authority from the sale, lease, license or other use of any land or facility that the authority is required by law or contract to pay to the commonwealth for costs of the project or to reimburse the commonwealth for costs of the project, and, any interest earned on balances contained therein and all other revenues specifically dedicated to the fund. The fund shall be held in trust by the state treasurer exclusively for the purposes established herein. The state treasurer shall be the treasurer and custodian of the fund and shall have the custody of its monies and securities.
The state treasurer may invest any monies held for the credit of the fund in instruments permitted under sections 38, 38A, 38C and 49 of chapter 29 and as follows:
(a) commercial or finance company paper, including both non-interest-bearing discount obligations and interest bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof, that is rated in one of the two highest rating classifications by a nationally recognized rating service;
(b) securities bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the United States or any state thereof and rated in one of the two highest rating classifications by any nationally recognized rating service at the time of such investment or contractual commitment providing for such investment;
(c) units of taxable money market funds which funds are regulated investment companies and seek to maintain a constant net asset value per share and have been rated in one of the two highest rating classifications by a nationally recognized rating service;
(d) investment agreements or guaranteed investment contracts rated, or with any financial institution whose senior long-term debt obligations are rated, or guaranteed by a financial institution whose senior long-term debt obligations are rated, at the time such agreement or contract is entered into, in one of the two highest rating classifications by a nationally recognized rating service; and
(e) investment agreements with a corporation whose principal business is to enter into such agreements if: (a) such corporation and the investment agreements of such corporation are each rated in one of the two highest rating classifications by a nationally recognized rating service; and (b) the commonwealth has an option to terminate each agreement in the event that such rating is downgraded below such two highest rating classifications.
The state treasurer shall, with the approval of the executive office of administration and finance, transfer the excess registry fees to the Regional Transit Authority Forward Funding Trust Fund on or before June 30 of each fiscal year, provided that the amount so transferred shall not exceed an aggregate amount of $50,000,000 for the period of July 1, 2005 to June 30, 2008. The state treasurer shall report excess registry fees identified and actual balance transfers to the senate and house committees on ways and means, the joint committee on transportation, the executive office of administration and finance and the executive office of transportation by August 15 of each year.
The comptroller shall make payments from the fund established by this section, without further appropriation, for the purposes specified in this section.
