SECTION 1. Chapter 29 of the General Laws is hereby amended by inserting after section 2BBBB, added by section 16 of chapter 131 of the acts of 2010, the following section:-

Section 2CCCC. 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 department of conservation and recreation, in consultation with the division of capital asset management and maintenance, to develop a public rowing and regatta center on the Connecticut River in the city of Northampton. The 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. The operational costs of said facility shall be not be paid by the commonwealth.

The 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 department of conservation and recreation may expend such funds, not subject to appropriation, and no expenditure from the fund shall cause it to be in deficiency at the close of a fiscal year. The department 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: Item 1100-2500 of section 2A of chapter 312 of the acts of 2008 is hereby amended by adding the following words:-  ; and provided further, that not less than $10,000,000 shall be expended for the Connecticut River Boathouse and Rowing Facility in the city of Northampton.