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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE II EXECUTIVE AND ADMINISTRATIVE OFFICERS
    OF THE COMMONWEALTH
  • CHAPTER 10 DEPARTMENT OF THE STATE TREASURER
  • Section 631/2 Central Artery and Statewide Road and Bridge Infrastructure Fund

Section 631/2. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Central Artery and Statewide Road and Bridge Infrastructure Fund for the purposes of meeting: (i) the estimated additional costs associated with the Central Artery/Ted Williams Tunnel Project, in this section called the project; (ii) the costs of the statewide road and bridge program; (iii) the principal and interest expenses on bonds or notes issued after July 1, 2007 to pay costs of these projects; and (iv) payments or credits to the federal government to reimburse it for any costs of the project paid by the federal government for which it is entitled to reimbursement from amounts received and deposited in the fund.

Revenues credited to the fund shall include any appropriations to the fund, amounts transferred to the fund from other instrumentalities of the commonwealth, transfers to said fund from other funds of the commonwealth, certain sums recovered pursuant to section 83 of chapter 4 of the acts of 2003, any sums received by the commonwealth related to insurance programs or policies for the project, and any interest earned on balances contained in the fund and all other revenues specifically dedicated to the fund. The fund shall be held in trust by the state treasurer exclusively for the purposes established in this section. The state treasurer shall be the treasurer and custodian of the fund and shall have the custody of its monies and securities.

The state treasurer may invest any monies held for the credit of the fund in instruments permitted under sections 38, 38A, 38C and 49 of chapter 29 and as follows: (a) commercial or finance company paper, including both non-interest-bearing discount obligations and interest bearing obligations payable on demand or on a specified date not more than 1 year after the date of issuance thereof, that is rated in 1 of the 2 highest rating classifications by a nationally recognized rating service; (b) securities bearing interest or sold at a discount that are issued by any corporation incorporated under the laws of the United States or any state thereof and rated in one of the 2 highest rating classifications by any nationally recognized rating service at the time of such investment or contractual commitment providing for such investment; (c) units of taxable money market funds which funds are regulated investment companies and seek to maintain a constant net asset value per share and have been rated in one of the 2 highest rating classifications by a nationally recognized rating service; (d) investment agreements or guaranteed investment contracts rated, or with any financial institution whose senior long-term debt obligations are rated, or guaranteed by a financial institution whose senior long-term debt obligations are rated, at the time such agreement or contract is entered into, in one of the 2 highest rating classifications by a nationally recognized rating service; and (e) investment agreements with a corporation whose principal business is to enter into such agreements if: (1) such corporation and the investment agreements of such corporation are each rated in one of the 2 highest rating classifications by a nationally recognized rating service; and (2) the commonwealth has an option to terminate each agreement if such rating is downgraded below such 2 highest rating classifications.

As directed by the secretary of administration and finance, the comptroller shall make transfers from the fund to the Massachusetts Transportation Trust Fund, without further appropriation, for the purposes specified in this section.