SENATE DOCKET, NO. 2088        FILED ON: 6/1/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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PRESENTED BY:

Bruce E. Tarr, (BY REQUEST)

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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 to establish a Commercial Property Administration Corporation.

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PETITION OF:

SENATE DOCKET, NO. 2088        FILED ON: 6/1/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act to establish a Commercial Property Administration Corporation.

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

Emergency Preamble-

“Whereas, the deferred operation of this act would tend to defeat its purpose, which is forthwith to consolidate time, add protection and resolve expense involved in the administration of private property transfer to the public, therefore, it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience."

Authorization and appropriation to administer commercial property policy contracts. 

Section 1-Authority is granted by the General Court of the Commonwealth of Massachusetts to collect contract records of commercial property applications and appropriation transfers administered by the Commissioner of the Commercial Property Administration Corporation.

a. The appropriation contracts cover property administered or exposed to the public from theft, damage and inability to pay for leases, seizures, transfers and maintenance of use or other violations of terms of use including forms of ignorance, illiteracy, unethical or immoral behavior including violence by intimidation, vandalism and unauthorized passage that damage the property.

b. The authority provides contracts to display private property to the public as a record of public service contributing to the maintenance of a social peace and the distribution of private contribution to the value of the public as a whole.

Section 2-The appropriation to administer the Commercial Property Administration Corporation is set at $100,000,000 with a daily interest set at 1000% the principle balance in a Commercial Property Administration Corporation treasury trust account administered by the Commissioner of the Commercial Property Administration Corporation.

a. Policy coverage is set to appropriate an unlimited and equivalent sum of treasury notes for contract applicants with property of value of $100,000,000 or higher with permission of the Commissioner.

Section 3-The Commercial Property Administration Corporation administers a report to the General Court of the Commonwealth of Massachusetts describing the annual general appropriation investments of the corporation.