Chapter 29 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting the following after Section 2IIII:

SECTION 2JJJJ: (a) To provide for a grant or loan program to repair coastal and inland waterway infrastructures to local government bodies, charitable organizations and private dam owners, the sums set forth in section (b) and (c) of this section  for the several purposes and subject to the conditions specified in Section 2IIII of this chapter, are hereby made available, subject to the laws regulating the disbursement of public funds, which sums are in addition to amounts previously appropriated for these purposes.

(b) For a reserve to provide funds to the Dam and Seawall Repair or Removal Fund established by section 2IIII of chapter 29 of the General Laws……………………………………………………………$500,000,000.

The 50 percent of the total funds shall be allotted to projects related to dams and 50 percent of the total funds shall be allotted to projects related to other means of flood or wave control including, but not limited to, seawalls, jetties, revetments, retaining walls and levies as described in subsection(b) of section 2IIII of this chapter. Monies deposited into the fund that are unexpended at the end of the fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year.

(c) Notwithstanding any general or special law to the contrary, to meet the expenditures necessary to carry out subsection (c) of this section, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding , in the aggregate, $500,000,000. All bonds issued by the commonwealth as aforesaid shall be designated on their face, An Act Further Regulating Dam Safety, Repair and Removal of 2012, and shall be issued for a maximum term of years, not exceeding 30 years, as the governor may recommend to the general court pursuant to section 3 of Article LXII of the Amendments to the Constitution. All such bonds shall be payable not later than June 30, 2043. All interests and payments on account of principal of such obligations shall be payable from the General Fund. Bonds issued under the authority of this section shall be general obligations of the commonwealth.