HOUSE DOCKET, NO. 2609        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3141

The Commonwealth of Massachusetts

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PRESENTED BY:

Carl M. Sciortino, Jr.

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to contract assistance for Central Artery debt of the Massachusetts Bay Transportation Authority.

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PETITION OF:

HOUSE DOCKET, NO. 2609        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3141

The Commonwealth of Massachusetts

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In the Year Two Thousand Thirteen

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An Act relative to contract assistance for Central Artery debt of the Massachusetts Bay Transportation Authority.

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for reforms and improvements to the commonwealth's transportation system, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 2ZZZ of chapter 29, as appearing in the 2010 Official Edition, is hereby amended by inserting after subsection (d) the following subsection:

(e) In addition to the revenues credited to the Massachusetts Bay Transportation Authority in subsections (c) and (d) of this section and to the regional transit authorities in subsection (d) of this section, the state treasurer acting on behalf of the commonwealth shall enter into an agreement with the Massachusetts Bay Transportation Authority providing that the commonwealth shall provide contract assistance from the Commonwealth Transportation Fund, from funds not otherwise required to be paid to the Massachusetts Bay Transportation Authority or the regional transit authorities, for all debt service obligations of the Massachusetts Bay Transportation Authority originally derived from the Central Artery obligations of the commonwealth. Such contract assistance agreement shall provide for the payment by the commonwealth of such debt service obligations of the Massachusetts Bay Transportation Authority at such time during each such fiscal year and upon such terms and under such conditions as the Massachusetts Bay Transportation Authority may stipulate. The Massachusetts Bay Transportation Authority may pledge such agreement and the rights of the Massachusetts Bay Transportation Authority to receive amounts thereunder as security for the payment of debt obligations issued by the Massachusetts Bay Transportation Authority. Such agreement shall constitute a general obligation of the commonwealth for which the faith and credit of the commonwealth shall be pledged for the benefit of the Massachusetts Bay Transportation Authority and of the holders of any debt obligations of the Massachusetts Bay Transportation Authority which may be secured by a pledge of such agreement or of amounts to be received by the Massachusetts Bay Transportation Authority under such agreement.

The secretary of administration and finance shall calculate annually the portion of the Massachusetts Bay Transportation Authority debt that originates from the Central Artery obligations of the commonwealth.