June 14, 2011

To the Honorable Senate and House of Representatives:

I am filing today for your consideration a bill entitled “An Act Providing the Terms of Certain Bonds to Finance the Municipal Road and Bridge Maintenance Needs of the Commonwealth.”  This legislation specifies the maximum terms for certain bonds authorized in Chapter 10 of the Acts of 2011, An Act Providing for the Municipal Road and Bridge Needs of the Commonwealth.

Under Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth, I recommend that the bonds which the State Treasurer is authorized to issue under section 3 of Chapter 10 of the Acts of 2011 shall be issued for terms not to exceed 30 years from the date of issuance thereof, and that all these bonds shall be payable not later than June 30, 2046.

Thank you for your prompt consideration of this bill.

Respectfully submitted,

Notwithstanding any general or special law to the contrary, the bonds which the state treasurer may issue under section 3 of chapter 10 of the acts of 2011 shall be issued for a term not to exceed 30 years.  All such bonds shall be payable not later than June 30, 2046, as recommended by the governor in a message to the general court dated June 14, 2011 under section 3 of Article LXII of the Amendments to the Constitution.

SECTION 2.  Section 2B of chapter 240 of the acts of 2010 is hereby amended by striking out the item number “1100-7400” and inserting in place thereof the following item number:- 1100-7500.

SECTION 3.  Said section 2B of said chapter 240 is hereby further amended by striking out the item number “7007-9031” and inserting in place thereof the following item number:- 7007-9040.