AN ACT RELATIVE TO CERTAIN STATUTORY FUNDS AND TRANSFERS OF APPROPRIATIONS.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide for certain statutory funds and transfers of appropriations, 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 10 of the General Laws is hereby amended by inserting after section 35PPP the following 2 sections:-
Section 35QQQ. (a) There shall be established and set up on the books of the commonwealth a Revere Beach Reservation Trust Fund to be expended, without further appropriation, by the secretary of energy and environmental affairs for the long-term preservation, maintenance, nourishment and public safety of Revere beach in the city of Revere. Any balance in the fund at the end of the fiscal year shall not revert to the General Fund, but shall remain available for expenditure in subsequent fiscal years. No expenditure made from the fund shall cause the fund to become deficient at any point during a fiscal year. Annually, not later than October 1, a report shall be filed with the clerks of the senate and house of representatives and the house and senate committees on ways and means that shall include projects undertaken, expenditures made and income received by the fund.
(b) Not less than 50 per cent of the revenue collected by the department of conservation and recreation from parking stations installed on or after January 1, 2021 and not less than 50 per cent of the revenues generated through parking violations within the Revere beach reservation shall be deposited into the Revere Beach Reservation Trust Fund. Expenditures by the trust shall be used for capital improvements to Revere beach reservation.
(c) Annually, not later than November 30, the department of conservation and recreation shall meet with the mayor of the city of Revere to discuss the maintenance and safety plan for the beach for the next calendar year and the balance and expenditures from the Revere Beach Reservation Trust Fund.
Section 35RRR. There shall be established and set up on the books of the commonwealth a separate fund known as the Student Opportunity Act Investment Fund. The fund shall be credited with: (i) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (ii) funds from public and private sources, including, but not limited to gifts, grants and donations; and (iii) any interest earned on such money. Amounts credited to the fund shall be expended, subject to appropriation, for the implementation of chapter 132 of the acts of 2019. Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund. The fund shall not be subject to section 5C of chapter 29.
SECTION 2. Notwithstanding any general or special law to the contrary, upon determination by the secretary of administration and finance that revenues for fiscal year 2022, estimated pursuant to section 5B of chapter 29 of the General Laws, are consistent with the estimates used in the general appropriation act for fiscal year 2022, and that no allotment reductions are needed pursuant to sections 9B and 9C of said chapter 29, the comptroller shall, not later than October 15, 2021, establish a monthly schedule for the duration of said fiscal year transferring no less than: (i) $350,000,000 to the Student Opportunity Act Investment Fund, established in section 35RRR of chapter 10 of the General Laws; and (ii) $250,000,000 into the Commonwealth’s Pension Liability Fund established in subsection (e) of subdivision (8) of section 22 of chapter 32 of the General Laws; provided, however, that if the secretary determines that the revenue estimates made pursuant to said section 5B of said chapter 29 are inconsistent with those used in the general appropriation act for fiscal year 2022 and insufficient to make said transfers in full, the comptroller shall prorate said transfers to accommodate the updated revenue estimates; and provided further, that if said transfers are prorated, before transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund pursuant to section 5C of said chapter 29, the comptroller shall determine if there is sufficient revenue to increase said transfers up to the full amounts in this section and shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2022 to proportionately increase said transfers up to the full amounts.
SECTION 3. Section 35RRR of chapter 10 of the General Laws shall take effect as of June 30, 2021.
SECTION 4. Except as otherwise specified, this act shall take effect as of July 1, 2021.
Approved, August 3, 2021.