Massachusetts General Laws ch. 10 sec. 35GG – Abandoned Vessel Trust Fund
Section 35GG. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Abandoned Vessel Trust Fund to be used, without appropriation, by the department of conservation and recreation for the purpose of removing from the public waterways vessels on which title may be presumed to have been abandoned. Available revenues from the sale of abandoned vessels, as provided for in chapter 255, and appropriations from the General Fund shall be deposited into the trust fund. The proceeds of a sale of an abandoned vessel shall be held by in trust for the former owner of record for a period of 2 years, after which time the funds shall become property of the trust. All monies deposited into the fund shall be expended exclusively for the purpose set forth in this section. No expenditure from the fund shall cause the fund to be in deficiency at the close of a fiscal year.
Terms Used In Massachusetts General Laws ch. 10 sec. 35GG
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.