SECTION 1. (a) There shall be established and set upon the books of the commonwealth a separated fund to be known as the COVID-19 Regional Transport Authority Emergency Fund. The fund shall be administered by the executive office of transportation and public works.

(b) The purpose of the Fund shall be for financial assistance in the form of grants to regional transportation authorities within the commonwealth in high impact areas affected by the 2019 novel coronavirus, or COVID-19, outbreak. Such financial assistance shall include, but not be limited to, grants for: (i) loss of revenue; (ii) unexpected expenses, such as increased staffing, specialized equipment, sanitization of vehicles, leasing of new or replacement transit vehicles; (iii) joint procurement amongst RTAs to purchase items needed; or (iv) loss of contributions, grants, revenue, or other financial assistance as a result of the COVID-19 outbreak.

(c) There shall be credited to the Fund all amounts that are, by law, transferred or authorized to be transferred thereto or directed to be deposited therein, and all amounts received as gifts, grants or contributions for the purposes of the Fund. Amounts credited to the Fund shall not be subject to further appropriation and any money remaining in the Fund at the end of a fiscal year shall not revert to the General Fund.

SECTION 2. On the effective date of this act, the comptroller shall transfer $50,000,000 from the General Fund to the COVID-19 Emergency Fund for Regional Transportation Authorities established in section 1 for the purposes of carrying out this act.