Section 7: Limit on estimated amount of grants approved by authority
[ Text of section effective until July 1, 2022. For text effective July 1, 2022, see below.]
Section 7. There shall be a limit on the estimated amount of grants approved by the authority during a fiscal year. For fiscal year 2020, the limit shall be $800,000,000. For each fiscal year thereafter, the limit shall be the limit for the previous fiscal year plus the lower of: (i) the rate of growth in the dedicated sales tax revenue amount as defined in subsection (a) of section 35BB of chapter 10; or (ii) 4.5 per cent.
Chapter 70B: Section 7. Limit on estimated amount of grants approved by authority
[ Text of section as amended by 2023, 28, Sec. 36 effective July 1, 2022. See 2023, 28, Sec. 108. For text effective until July 1, 2022, see above.]
Section 7. There shall be a limit on the estimated amount of grants approved by the authority during a fiscal year. For fiscal year 2023, the limit shall be $1,200,000,000; provided, however, that grant amounts relating to the authority's accelerated repair program shall not count against the limit set forth in this section. For each fiscal year thereafter, the limit shall be the limit for the previous fiscal year plus the lower of: (i) the rate of growth in the dedicated sales tax revenue amount as defined in subsection (a) of section 35BB of chapter 10; or (ii) 6.5 per cent.