Massachusetts General Laws ch. 10 sec. 35HHH – Transfer of Development Rights Revolving Fund
Section 35HHH. (a) There shall be a Transfer of Development Rights Revolving Fund into which shall be deposited: (i) any revenues or other financing sources directed to the fund by appropriation; (ii) bond revenues or other monies authorized by the general court and specifically designated to be credited to the fund; (iii) any income derived from the investment of amounts credited to the fund or repayment of loans from the fund; (iv) funds from public or private sources including, but not limited to, gifts, federal or private grants, donations, rebates and settlements received by the commonwealth that are specifically designated to be credited to the fund; and (v) all other amounts credited or transferred into the fund from any other source. The fund shall be administered by the secretary of energy and environmental affairs.
Terms Used In Massachusetts General Laws ch. 10 sec. 35HHH
- 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.
(b) Amounts credited to the fund may be used, without further appropriation, to provide loans to municipalities for the acquisition of transferable development rights as provided in section 27 of chapter 21A. Monies deposited into the fund that are unexpended at the end of the fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year.
(c) Annually, not later than December 1, the secretary of energy and environmental affairs shall report on the activities of the fund to the clerks of the house of representatives and the senate and to the house and senate committees on ways and means. The report shall include an accounting of expenditures made from the fund with a description of the authorized purpose of each expenditure, an accounting of the amounts credited to the fund and any unexpended balance remaining in the fund.