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 nine (9) members, shall review potential capital projects, establish a priority listing, and annually announce their decisions publicly.
8.) The nine (9) members appointed shall be:
8a.) Membership: 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; one (1) by the State Auditor; one (1) by the State Senate President; one (1) by the House Speaker; one (1) by the Attorney General; and one (1) by the Governor’s Council. Their terms shall be of five (5) years duration, with one new regular, and renewable appointment, available each year.
8b.) General Purposes: This Capital Projects Approval Board (CPAB), shall have two (2) primary objectives: To decide specific project approvals, and to specifically oversee, all capital projects, during their creation, and subsequent operation.
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 (CPAB), in its most recently completed year.
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