Amendment #81 to H.3382

Bonding Capacity

Representatives Cabral of New Bedford, Koczera of New Bedford, Silvia of Fall River and Toomey of Cambridge move that the bill be amended in line 19 by inserting the following two sections:



SECTION X. To provide for a program of transportation development and improvements, the sums set forth in sections XX, for the several purposes and subject to the conditions specified in this act, are hereby made available, subject to the provisions of law regulating the disbursement of public funds and approval thereof.



SECTION XX.

EXECUTIVE OFFICE OF TRANSPORTATION AND PUBLIC WORKS

Office of the Secretary

6001-0804. For the purpose of implementing rail improvements pursuant to chapter 161C of the General Laws; provided, that funds may be used for planning, design, permitting, engineering and construction of heavy rail, light rail and bus projects to provide such service to neighborhoods not currently served by the type of rail service being proposed; and provided further, that funds may be used for the acquisition of interests in land..................................... $1,091,663,007.17



And moves to further amend the bill in line 596 by inserting the following subsection:



(c) The department shall use the extra bonding capacity created by the removal of personnel costs from the capital budget pursuant to this section to fund the capital costs associated with the planning, design, permitting, engineering and construction of heavy rail, light rail and bus projects to provide service to neighborhoods not currently served by the type of rail service being proposed.



And moves to further amend the bill by adding the following sections:



SECTION XXX. To meet the expenditures necessary in carrying out section XX, 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, $1,091,663,007.17. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Transportation Improvement Loan Act of 2013, and shall be issued for a maximum term of years, not exceeding 30 years, as the governor may recommend to the general court under section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2053. Bonds and interest thereon issued under this section shall be general obligations of the commonwealth; provided, however, that any bonds issued by the state treasurer pursuant to this section shall, upon the request of the governor, be issued as special obligation bonds pursuant to section 2O of chapter 29 of the General Laws; provided further, that in deciding whether to request the issuance of particular bonds as special obligations, the governor shall take into account: (i) generally prevailing financial market conditions; (ii) the impact of each approach on the overall capital financing plans and needs of the commonwealth; (iii) any ratings assigned to outstanding bonds of the commonwealth and any ratings expected to be assigned by any nationally-recognized credit rating agency to the bonds proposed to be issued; and (iv) any applicable provisions of a trust agreement or credit enhancement agreement entered into pursuant to said section 2O of said chapter 29. All special obligation revenue bonds issued under this section shall be designated on their face, Special Obligation Revenue Transportation Improvement Loan Act of 2013, and shall be issued for a maximum term of years, not exceeding 30 years, as the governor may recommend to the general court under section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2053. All principal on such obligations shall be payable from the Infrastructure Fund established in said section 2O of said chapter 29. Special obligation bonds issued under this section shall be special obligations of the commonwealth payable solely in accordance with said section 2O of said chapter 29.



SECTION IV. In carrying out section XX, all agencies within the executive office of transportation and public works may enter into such contracts or agreements as may be appropriate with other state, local or regional public agencies or authorities. The agreements may relate to such matters as an agency shall determine including, without limitation, the design, layout, construction, reconstruction or management of construction of all or a portion of such projects. In relation to any such agreements between an agency within the executive office and other state agencies or authorities, an agency may advance monies to such agencies or authorities, without prior expenditure by the agencies or authorities, and the agencies and authorities may accept monies necessary to carry out such agreements; provided, however, that said agency shall certify to the comptroller the amounts so advanced; provided further, that such agreements shall contain provisions satisfactory to the agency for the accounting of such monies as expended by any other agency or authority; provided, further, that all monies not expended under any such agreement shall be credited to the account of the agency from which they were advanced. Agencies within the executive office shall report to the house and senate committees on ways and means any transfers completed pursuant to this section.



SECTION V. Appropriations made in this act shall be available for expenditure in the 10 fiscal years following June 30 of the calendar year in which the appropriation is made and any portion of such appropriation representing encumbrances outstanding on the records of the comptroller’s bureau at the close of such tenth fiscal year may be applied to the payment thereof any time thereafter. The unencumbered balance shall revert to the commonwealth at the close of such tenth fiscal year.



Additional Cosponsors
Antonio F. D. Cabral
Robert M. Koczera
Alan Silvia
Timothy J. Toomey, Jr.