SENATE DOCKET, NO. 823        FILED ON: 2/8/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2352

The Commonwealth of Massachusetts

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PRESENTED BY:

Jason M. Lewis, (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 Massachusetts Transportation Endowment Fund (MTEF).

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PETITION OF:

SENATE DOCKET, NO. 823        FILED ON: 2/8/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2352

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 2110 OF 2019-2020.]

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act to establish a Massachusetts Transportation Endowment Fund (MTEF).

 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. The Massachusetts General Laws are hereby amended by inserting the

 following new chapter:

 An Act to establish a Massachusetts Transportation Endowment Fund (MTEF).

 1.) PURPOSES – Massachusetts has been a pioneer in developing, and expanding mass

 transportation for its population. In doing so, a consistent part of development, includes the

 continuing capital expenditures needed, to expand, and improve mass transit lines, particularly

 the fixed rail lines, stations, and other facilities; and resources for such, which often appear

 weak; or in need of capital upgrading; and/or are non-existent.

 2.) Thus, it is important to identify, secure, provide for, and expand sources of capital

 expenditures, and this Statute, is designed for that purpose.

 3.) Each and every year, a sum of not less than $200,000,000, ($200 Million), shall be

 transferred to a Massachusetts Transportation Endowment Fund (MTEF).

 4.) This money, shall become a permanent trust fund, operating as an endowment, with

 significantly described requirements, and provisions. Income from the fund, may be used, only

 for capital construction, and improvements, of mass transportation lines, stations, and facilities,

 and needed additional directly related construction.

 5.) Principal amounts, shall become fixed Endowment Principal, together with other

 specified amounts, to be further described.

 6a.) When the fund principal, exceeds $1,000,000,000 ($1 Billion) in Endowment

 Principal; the formula for use, shall change:

 6b.) Half of the annual contribution of $200,000,000 ($200 Million) may be directed to capital

 expenditures; while $100,000,000 ($100 Million) is directed to increase in the Endowment

 Principal.

 6c.) Half of the annual income, may be utilized for capital expenditures.

 New non-fare revenues, from businesses on transit properties, shall be apportioned, with

 half of such revenues going to Operations, and half to the Endowment Principal.

 7.) A Capital Project Approval Board (CPAB), of five (5) members, shall review

 potential capital projects, establish a priority listing, and annually announce their decisions

 publicly.

 8.) The five (5) members appointed shall be:

 One (1) by the General Manager of the MBTA; one (1) by the Secretary of

 Transportation, one (1) by the Governor; one (1) by the State Treasurer; and one (1) by the

 Attorney General. Their terms shall be of five (5) years duration, with one new regular,

 and renewable appointment, available each year.

 9.) An Annual Report, publicly available, and generally publicized, shall be issued, detailing

 the current financial circumstances, and situation of the MTEF Fund, and the decisions made by

 its Capital Projects Approval Board, in its most recently completed year.