Budget Amendment ID: FY2012-S3-212

ECO 212

WATERFRONT DEVELOPMENT

Mr. Tarr moved that the proposed new text be amended by inserting, after Section __, the following new Sections:-

“SECTION ___. The Massachusetts Development Finance Agency shall expend an amount not to exceed ten million dollars for the purpose of establishing a revolving fund to make interest-free or low interest loans to rehabilitate existing infrastructure in waterfront areas to encourage and assist industrial and commercial development and activities.

SECTION ___.   To meet expenditures necessary in carrying out the provisions, the State Treasurer shall, upon request of the Governor, issue and sell bonds of the Commonwealth, to an amount specified by the Governor from time to time, not exceeding in the aggregate, the sum of ten million dollars.  All bonds issued by the Commonwealth shall be designated on their face, and shall be issued for such maximum term of years not exceeding twenty years, as the Governor may recommend to the General Court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth; provided, however, that all such bonds shall be payable not later than June 30, 2031.  Bonds and interest thereon issued under the authority of this Section shall, notwithstanding any other provisions, be general obligations of the Commonwealth.”