State Codes and Statutes
Statutes > Massachusetts > PARTI > TITLEIII > CHAPTER29 > Section2DDSection 2DD. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Capital Expenditure Reserve Fund. Said fund shall consist of: (i) amounts paid by the Massachusetts Turnpike Authority as payment for the acquisition cost of the Ted Williams tunnel and any other components of the metropolitan highway system, as defined in section 3 of chapter 81A; (ii) federal financial participation related to expenditures from this fund; provided, however, that none of the federal financial contribution to said fund shall be funds that would otherwise be credited to the Federal Highway Construction Program Fund pursuant to section 1 of chapter 15 of the acts of 1988, section 1 of chapter 33 of the acts of 1991, section 2 of chapter 102 of the acts of 1994, section 2 of chapter 273 of the acts of 1994, section 2 of chapter 113 of the acts of 1996 or section 2 of chapter 205 of the acts of 1996; (iii) amounts paid by the Massachusetts Port Authority pursuant to subsection (f) of section 12 of said chapter 81A; and (iv) investment earnings, if any, thereon. Amounts credited to said fund shall be used, without further appropriation, only for the following purposes: (a) the payment of the principal, including sinking fund payments of and premium, if any, and interest on any bonds or notes issued by the commonwealth for the purpose of paying any costs of the Central Artery/Ted Williams Tunnel project or (b) any direct capital expenditures of the commonwealth to pay any cost of the Central Artery/Ted Williams Tunnel project. In order to accommodate discrepancies between the receipt of revenues and related expenditures, the department of highways may incur expenses and the comptroller may certify for payment amounts not to exceed the aggregate amount intended to be paid to the capital expenditure reserve fund by the Massachusetts Turnpike Authority and the Massachusetts Port Authority, as evidenced by agreements entered into between each such authority and the secretary for administration and finance.
