SECTION 1. Subparagraph (C) of section 2 of chapter 21J of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by striking the sentence contained in lines 41-43, inclusive, and inserting in place there of the following:- “The department shall deposit all receipts collected pursuant to this section as follows: (i) 60 percent shall be deposited into the General Fund; and (ii) 40 percent shall be deposited into the Capital Employees Transition Fund, established pursuant to section 2YYY of chapter 29.”
SECTION 2. Chapter 29 of the General Laws, as so appearing, is hereby amended by inserting after section 2XXX the following section:-
Section 2YYY. There shall be established and set upon the books of the commonwealth a separate fund to be known as the Capital Employees Transition Fund, hereinafter referred to as the fund, which shall be administered by the department of highways within the executive office of transportation and public works. There shall be credited to the fund: (a) 40 percent of all receipts collected pursuant to section 2 of chapter 21J; and (b) any appropriations authorized by the general court. Amounts credited to the fund shall be expended by the department, in addition to any revenues appropriated by the general court from the Highway Fund, for the purpose of paying for a portion of the department’s operating costs that would have otherwise been paid by bond proceeds. Operating costs may include, but shall not be limited to, the full-time personnel expenses of the department, as well as any expenses incurred by the department as part of its normal operations. The comptroller shall certify payments, including payments during the accounts payable period, in anticipation of revenues from the fund for the purpose of making authorized expenditures; provided however, that no expenditure shall cause the fund to be in deficit at the end of a fiscal year.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.