State Codes and Statutes
Statutes > Massachusetts > PARTI > TITLEVII > CHAPTER40E > Section14Section 14. All moneys of the authority from whatever source derived shall be paid to the treasurer of the authority. Said moneys shall be deposited in the first instance by the treasurer in one or more banks or trust companies, in one or more special accounts, and each of such special accounts shall be continuously secured by a pledge of direct obligations of the United States or of the commonwealth, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the authority. All banks and trust companies in said accounts shall be paid out on the warrant or other order of the treasurer of the authority, or of such other person or persons as the authority may authorize to execute such warrants or orders.
When and as the amounts allocated by the authority as loans to industrial development agencies are repaid to the authority pursuant to the terms of the mortgages and other agreements made and entered into by the authority, such amounts shall be retained by the authority, it being the intent of this chapter that the authority shall operate as a revolving fund whereby all appropriations received and payments made thereto may be applied and reapplied to the purposes of this chapter. Any time that the authority shall determine that funds held by it are in excess of the amount needed by the authority to carry out the purposes of this chapter, the authority shall release such excess and transfer the same to the treasury of the commonwealth general fund.
