AN ACT ESTABLISHING A COMMONWEALTH TRANSPORTATION FUND.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is to establish forthwith a fund solely for transportation needs and re-affirm security of certain bonds, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Chapter 29 of the General Laws is hereby amended by striking out section 2ZZZ, inserted by section 35 of chapter 25 of the acts of 2009, and inserting in place thereof the following section:-
Section 2ZZZ. (a) There shall be established and set up on the books of the commonwealth a separate fund to be known as the Commonwealth Transportation Fund, which shall be used exclusively for financing transportation-related purposes. There shall be credited to the fund all fees received by the registrar of motor vehicles pursuant to section 34 of chapter 90, all receipts paid into the treasury of the commonwealth and directed to be credited to the Commonwealth Transportation Fund pursuant to chapters 64A, 64E, 64F and any other applicable general or special law and all amounts appropriated into the fund by the general court. The fund shall be subject to appropriation and shall be used for transportation related expenses of the executive office of transportation or any successor agency or authority, including to pay or reimburse the General Fund for payment of debt service on bonds issued by, or otherwise payable pursuant to a lease or other contract assistance agreement by, the commonwealth for transportation purposes.
(b) Notwithstanding subsection (a), the crediting of receipts from the tax imposed pursuant to chapter 64A to the fund shall not affect the obligations of the commonwealth relating to notes issued pursuant to sections 9 to 10D, inclusive, of chapter 11 of the acts of 1997 and the pledge of receipts from the portion of the tax per gallon imposed pursuant to said chapter 64A equal to 10 cents per gallon, to secure the payment of such bonds under the circumstances described in the trust agreements relating to such notes is hereby ratified and confirmed in all respects and shall remain in full force and effect as long as any such notes issued as of July 1, 2009 remain outstanding in accordance with their terms and secured by funds in the fund.
(c) In addition to those revenues credited to the fund pursuant to subsection (a) there shall be credited to the fund all monies received by the commonwealth equal to .385 percent of the receipts from sales, as defined by chapter 64H, and .385 per cent of the sales price of purchases, as defined by chapter 64I, from that portion of the taxes imposed under said chapters 64H and 64I as excises upon the sale and use at retail of tangible property or of services, and upon the storage, use or other consumption of tangible property, or of services, including interest thereon or penalties, but not including any portion of the taxes that constitute special receipts within the meaning of subsection (b ½) of section 10 of chapter 152 of the acts of 1997 or within the meaning of said subsection (b ½); provided, however, that if in a fiscal year the amount credited to the fund under this subsection is less than $275,000,000, then the comptroller shall transfer an amount from the General Fund to make up the difference between the amount credited to the fund and $275,000,000, not later than September 1 of the following fiscal year.
(d) Not less than the following amounts shall annually be distributed from the fund to the Massachusetts Bay Transportation Authority and regional transit authorities:
(1) $160,000,000 to the Massachusetts Bay Transportation Authority or any fund controlled by the authority in each fiscal year; and
(2) $15,000,000 to regional transit authorities organized under chapter 161B or predecessor statutes in each fiscal year.
SECTION 2. Subsections (c) and (d) of section 2ZZZ of chapter 29 of the General Laws, as appearing in section 1, shall take effect on July 1, 2010.
SECTION 3. Subsection (b) of section 27 of chapter 304 of the acts of 2008, as amended by section 6 of chapter 10 of the acts of 2009, is hereby further amended by striking out, in line 1, the words “Within 15 days of the date of the written certification” and inserting in place thereof the following words:- Prior to the date of execution of the guaranty.
SECTION 4. Section 32 of said chapter 304 is hereby further amended by striking out the words “June 30”, inserted by section 8 of said chapter 10 of the acts of 2009, and inserting in place thereof the following words:- November 1.
SECTION 5. Sections 1 and 2 shall take effect as of July 1, 2009.
SECTION 6. Sections 3 and 4 shall take effect as of June 30, 2009.
Approved July 20, 2009