Budget Amendment ID: FY2015-S4-663

TRP 663

MBTA Financial Efficiency

Mr. McGee moved that the proposed new text be amended moved that the bill be amended by inserting, after section _____, the following new section:-

"SECTION XXX. Section 18 of Chapter 161A of the General Laws, as appearing in the 2012 Official 1563 Edition, is hereby amended by adding the following paragraph: The secretary of administration and finance, on behalf of the commonwealth, shall, with the concurrence of the secretary of the Massachusetts Department of Transportation, enter into a contract with the authority prior to July 1, 2014, providing for payments by the commonwealth of $160,000,000 annually to the authority, in substantially equal monthly payments not later than the last day of each month, commencing with July 2014. The authority may pledge such contract and the rights of the authority to receive amounts thereunder as security for the payment of notes or bonds issued under the provisions of this chapter. Such contract shall constitute a general obligation of the commonwealth for which the faith and credit of the commonwealth shall be pledged for the benefit of the authority and of the holders of any notes or bonds of the authority which may be secured by a pledge of such contract or of amounts to be received by the authority under such contract”.