Budget Amendment ID: FY2017-S4-730-R1

Redraft ECO 730

Massachusetts Life Sciences Center

Ms. Donoghue, Ms. Creem, Messrs. Tarr, Moore and O'Connor moved that the proposed new text be amended in section 2, <w:p><w:r><w:t xml:space="preserve">by inserting after section 77 the following section:-

"SECTION 77A. Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund pursuant to section 5C of chapter 29 of the General Laws,  the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2016 as follows: (i) transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws; and (ii)transfer ½ of the surplus, not to exceed $10,000,000, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws."