Amendment #42 to H.3382
Big Dig Debt
Representatives Jones of North Reading, Peterson of Grafton, Hill of Ipswich, Poirier of North Attleborough and deMacedo of Plymouth move that the bill be amended by inserting at the end thereof the following section:-
“SECTION XX. (a) Notwithstanding any general or special law to the contrary, the Massachusetts Bay Transportation Authority, hereinafter called the authority, and the treasurer of the commonwealth shall develop and implement an agreement for the transfer of all debt of the authority relating to the state implementation plan (SIP) commitment projects completed prior to 2007, including all public transportation projects built to satisfy any mitigation agreements resulting from the central artery tunnel project, to the commonwealth.
(b) Notwithstanding the foregoing, no existing rights of the holders of the bonds issued by the authority under chapter 161A of the General Laws shall be impaired, and the commonwealth, as successor in interest to the debt of the authority outlined in subsection (a), shall maintain the covenants of the trust indentures pertaining to such bonds so long as such bonds shall remain outstanding.”.