AN ACT PROVIDING FOR THE FINANCING OF CERTAIN IMPROVEMENTS TO MUNICIPAL ROADS AND BRIDGES
Whereas, The deferred operation of this act would tend to defeat its purpose, which is to forthwith finance improvements to the commonwealth’s transportation system, 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. To provide for a program of transportation development and improvements, the sums set forth in sections 2, 2A and 2B for the several purposes and subject to the conditions specified in this act are hereby made available, subject to the laws regulating the disbursement of public funds. The sums made available in this act shall be in addition to any amounts previously appropriated or made available for these purposes.
SECTION 2.
MASSACHUSETTS DEPARTMENT OF TRANSPORTATION
Highway Division
SECTION 2A.
MASSACHUSETTS DEPARTMENT OF TRANSPORTATION
Rail and Transit Division
SECTION 2B.
EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE
Massachusetts Office of Information Technology
SECTION 3. To meet the expenditures necessary in carrying out section 2, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time but not exceeding, in the aggregate, $200,000,000. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Municipal Ways Act of 2017, and shall be issued for a maximum term of years, not exceeding 30 years, as recommended by the governor in a message to the general court dated February 16, 2017 under section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2052. All interest and payments on account of principal on these obligations shall be payable from the General Fund. Notwithstanding any general or special law to the contrary, bonds issued under this section and interest thereon shall be general obligations of the commonwealth.
SECTION 4. To meet the expenditures necessary in carrying out section 2A, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time but not exceeding, in the aggregate, $30,000,000. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Municipal Ways Act of 2017, and shall be issued for a maximum term of years, not exceeding 20 years, as recommended by the governor in a message to the general court dated February 16, 2017 under section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2042. All interest and payments on account of principal on these obligations shall be payable from the General Fund. Notwithstanding any general or special law to the contrary, bonds issued under this section and interest thereon shall be general obligations of the commonwealth.
SECTION 5. To meet the expenditures necessary in carrying out section 2B, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time but not exceeding, in the aggregate, $60,000,000. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Municipal Ways Act of 2017, and shall be issued for a maximum term of years, not exceeding 10 years, as recommended by the governor in a message to the general court dated February 16, 2017 under section 3 of Article LXII of the Amendments to the Constitution; provided, however, that all such bonds shall be payable not later than June 30, 2032. All interest and payments on account of principal on these obligations shall be payable from the Commonwealth Transportation Fund. Notwithstanding any general or special law to the contrary, bonds issued under this section and interest thereon shall be general obligations of the commonwealth.
SECTION 6. The executive office for administration and finance shall review policies relative to the length of time of issued bonds in the commonwealth and shall file a report with recommendations on those policies, including proposals for amending, if any, to the clerks of the senate and house of representatives, chairs of the joint committee on transportation and the chairs of the house and senate committees on bonding, capital expenditures and state assets by November 1, 2017.
Approved, May 4, 2017