H2696 — An Act establishing a public safety building authority and assistance program

Summary

An Act establishing a public safety building authority and assistance program

Bill Text

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The bill establishes a new Massachusetts Public Safety Building Assistance Program and creates the Massachusetts Public Safety Building Authority to oversee it, along with a dedicated trust fund for financing related projects.

• CHAPTER 22F. PUBLIC SAFETY BUILDING ASSISTANCE PROGRAM.

  Creates a new chapter in the General Laws for a public safety building assistance program.

• There is hereby created a body politic and corporate and a public instrumentality to be known as the Massachusetts Public Safety Building Authority, which shall be an independent public authority not subject to the supervision and control of any other executive office.

  Creates the Massachusetts Public Safety Building Authority as an independent entity.

• The authority shall consist of the state treasurer, who shall serve as chairperson, the secretary of administration and finance, the secretary of the executive office of public safety and security, and 4 additional members appointed by the state treasurer.

  Details the composition of the Massachusetts Public Safety Building Authority.

• There shall be established on the books of the commonwealth a separate fund, to be known as the Municipal Building Modernization and Reconstruction Trust Fund.

  Creates a new trust fund for municipal building modernization and reconstruction.

• There shall be credited to the fund the dedicated sales tax revenue amount.

  Allocates dedicated sales tax revenue to the new trust fund.

• Amounts in the fund shall be held by the state treasurer or his designee, as trustee and not on account of the Commonwealth, exclusively for the purposes of the authority.

  Specifies how the funds will be managed and for what purpose.

• The authority shall certify annually to the treasurer as trustee... sufficient amounts to be available to meet debt service payments or other payments due under financing obligations.

  Mandates annual certification regarding budget provisions for debt service by the authority.

• If the authority shall determine that the balance of the fund exceeds the amount necessary... the authority may transfer the excess amount to the Commonwealth.

  Allows the authority to transfer excess funds to the Commonwealth under certain conditions.

Sponsors

• Margaret R. Scarsdale · Primary

Subjects