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SENATE DOCKET, NO. 1156         FILED ON: 1/20/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 568

 

The Commonwealth of Massachusetts

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PRESENTED BY:

James B. Eldridge

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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 authorizing community colleges to borrow for capital spending needs.

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PETITION OF:

 

Name:

District/Address:

James B. Eldridge

 


SENATE DOCKET, NO. 1156        FILED ON: 1/20/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 568

By Mr. Eldridge, a petition (accompanied by bill, Senate, No. 568) of James B. Eldridge for legislation to authorize community colleges to borrow for capital spending needs.  Higher Education. 


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Eleven

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An Act authorizing community colleges to borrow for capital spending needs.
 

              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 1 of chapter 703 of the acts of 1963, as most recently amended by section 78 of chapter 189 of the acts of 2010, is hereby amended by striking out paragraph (h) and inserting in place thereof the following paragraph:-

              (h)“State college,” any of the public institutions of higher education in the state university segment or the community college segment established by section 5 of chapter 15A of the General Laws.

              SECTION 2.  Section 6 of said chapter 703, as most recently amended by section 24 of chapter 120 of the acts of 2009, is hereby amended by striking out the fourth sentence and inserting in place thereof the following sentence:-  "If such report indicates that there is an insufficiency of funds available to pay debt service, or if, in the absence of a report, the comptroller ascertains that there is such an insufficiency, the comptroller shall, within 5 days, but not later than the date specified in said section 18A, transfer amounts from the appropriation account of one or more state colleges, as appropriate, to cure such insufficiency.".

              SECTION 3.  The first sentence of section 18A of said chapter 703, as most recently amended by section 25 of chapter 120 of the acts of 2009, is hereby amended by striking out the words “, and amounts described in clause (ii) shall be used only to prevent a default by the Authority in connection with indebtedness incurred by the Authority on behalf of the applicable state college”.

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