SECTION 1: Chapter 29 of the General Laws is hereby amended by inserting after section 2JJJ the following section:-
Section 2KKL. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Connecticut River Boathouse and Rowing Facility Construction Fund, the funds of which shall be expended by the Office of Travel and Tourism to develop a public rowing and regatta center on the Connecticut River. Said department shall establish a memorandum of understanding with the city of Northampton, adjacent communities, Northampton Youth and Community Rowing, Inc., and public and private institutions and organizations to establish a governing body to oversee its operations, to lease portions of the facility to appropriate users and to promote youth and adult rowing teams and events for all ages, provided, that the operational costs of said facility shall be not be paid by the Commonwealth.
The Connecticut River Boathouse and Rowing Facility Construction Fund shall receive monies from: (1) gifts, grants, appropriations and donations from public or private sources; (2) federal reimbursements and grants-in-aid; (3) any interest earned from the fund; and (4) the proceeds of any general obligation bond sales by the commonwealth appropriated for this purpose. The state treasurer shall receive, deposit and invest funds held in such a manner as to ensure the highest interest rate available consistent with the safety of the fund. The books and records of the fund shall be subject to an annual audit by the state auditor. The office of travel and tourism may expend such funds, in addition to appropriation, and no expenditure from the fund shall cause it to be in deficiency at the close of a fiscal year. Said office shall report annually to the house and senate committees on ways and means on income received into the fund and the sources of that income, any expenditure from the fund and their purposes and fund balances.
SECTION 2: Chapter 312 of the Acts of 2008 is hereby amended by inserting in item 1100-2500 of section 2A the following section:-
and provided further, that not less than $15,000,000 shall be expended for the Connecticut River Boathouse and Rowing Facility in the city of Northampton.
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