Amendment #420 to H3400

Regional Transit Authority Forward Funding

[Sponsors] Representatives Peake of Provincetown, Cariddi of North Adams, Madden of Nantucket, Speranzo of Pittsfield, Gobi of Spencer, Canessa of New Bedford, Atkins of Concord, Nangle of Lowell, O’Connell of Taunton, Turner of Dennis, Garry of Dracut, O’Day of West Boylston, Koczera of New Bedford, Coakley-Rivera of Springfield, Swan of Springfield, Golden of Lowell, Puppolo of Springfield, Calter of Kingston, Mark of Hancock, Gifford of Wareham, Creedon of Brockton, Kafka of Stoughton, Ross of Attleboro, Poirier of North Attleboro, Cantwell of Marshfield, Ashe of Longmeadow, Hunt of Sandwich, Miceli of Wilmington and Alicea of Charlton move to amend the bill by adding the following new sections:

SECTION XXX..The secretary of the department of transportation in consultation with the secretary of administration and finance shall establish a financing plan to end the current system of retroactive reimbursement of the regional transit authorities established under Chapter 161 and 161B of the General Laws. Said financing plan may include and the secretary of the department of transportation may use capital bond funds in whole or in part to finance the transition of regional transit authorities to a current funding system, so called. The secretary of the department of transportation may use any other available funds in addition to or in place of bond funds necessary to establish a current financing system.

SECTION XXX.  Chapter 303 of the Acts of 2008 is hereby amended by inserting after section 2G the following new section:-

SECTION 2H.

6001-0606. For the purpose of retiring revenue anticipation notes and any interest associated thereof for the purpose of establishing a current funding system for the regional transit authorities established under Chapter 161 and 161B with capital bond funds; provided, that each authority shall submit to the executive office of transportation and the executive office for administration and finance a certified statement identifying the total amount of notes and interest issued by the regional transit authority which are attributable to contract assistance and any notes and interest that may be outstanding which are attributable to contract assistance; provided further, that amounts allocated to the authorities from this item shall be expended in accordance with policies, rules and regulations established by the department of  transportation…………………………………………………..$85,000,000

SECTION XXX..To meet the expenditures necessary in carrying out Section XXX, the state treasurer shall, upon the request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding in the aggregate the sum of $85,000,000. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Regional Transportation Authority Current Financing, and shall be issued for such maximum term of years, not exceeding 5 years, as the governor may recommend to the general court under Section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2016. All interest and payments on account of principal on such obligations shall be payable from the Highway Fund. Notwithstanding any previous act or special law, bonds and interest thereon issued under this section shall be general obligations of the commonwealth.