SECTION 1. Chapter 70B of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out Section 7 and inserting in place thereof the following section:-
Section 7. There shall be a limit on the estimated amount of grants approved by the authority during a fiscal year. For fiscal year 2008, that limit shall be $500,000,000 and for fiscal year 2019, that limit shall be $750,000,000. For each fiscal year thereafter, the limit shall be the limit for the previous fiscal year plus the lower of the rate of growth in the dedicated sales tax revenue amount, as defined in subsection (a) of Section 35BB of Chapter 10, or 4.5 per cent.
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