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General Laws

Section 18. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Government Land Bank Fund. There shall be credited to said fund the following:

(a) after deducting the administrative expenses of the Agency, all principal and interest received by the Agency under a mortgage made by the Agency’s predecessor, the Massachusetts government land bank, financed by the proceeds of an industrial development bond or note as such term, or a successor term of comparable import, is defined by the Internal Revenue Code of 1954, issued by the commonwealth on behalf or for the purposes of one of the said Massachusetts government land bank.

(b) monies transferred from the reserves of the Agency pursuant to a vote of the board of directors of the Agency;

(c) all monies transferred pursuant to an authorization by the general court or by law.

Revenue credited to the Government Land Bank Fund shall be used for debt service on bonds and notes issued by the commonwealth on behalf of the Agency’s predecessor, the Massachusetts government land bank, or upon appropriation by the general court.

The comptroller of the commonwealth shall quarterly file a report with the house and senate committees on ways and means and the secretary of administration and financing detailing the balance of the fund.

The proceeds of an industrial development bond as such a term, or a successor term of comparable import, is defined by the Internal Revenue Code of 1954 issued after September 1, 1982 by the Agency’s predecessor, the Massachusetts government land bank, shall not be used to reduce any deficit existing in said fund.

The provisions of this section shall not apply to any bond issued by the Agency’s predecessor, the Massachusetts Industrial Finance Agency nor to any bond issued by the Agency.

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