HOUSE DOCKET, NO. 3467        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3424

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Sean Garballey and Christine P. Barber

_________________

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.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Sean Garballey

23rd Middlesex

1/20/2017

Christine P. Barber

34th Middlesex

2/3/2017

James B. Eldridge

Middlesex and Worcester

11/8/2017

Thomas M. Stanley

9th Middlesex

11/8/2017

Marjorie C. Decker

25th Middlesex

11/8/2017

Mike Connolly

26th Middlesex

11/8/2017

Jonathan Hecht

29th Middlesex

11/8/2017

Michael S. Day

31st Middlesex

11/8/2017

Chris Walsh

6th Middlesex

11/8/2017

Denise Provost

27th Middlesex

11/8/2017


HOUSE DOCKET, NO. 3467        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3424

By Representatives Garballey of Arlington and Barber of Somerville, a petition (accompanied by bill, House, No. 3424) of Sean Garballey and others relative to contract assistance for central artery debt of the Massachusetts Bay Transportation Authority.  Transportation.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

An Act relative to contract assistance for central artery debt of the Massachusetts Bay Transportation Authority.

 

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 2014 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, including but not limited to any additional contract assistance in existence during Fiscal Year 2016 or at the time of passage of this law 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.