Massachusetts General Laws ch. 128 sec. 38B – Massachusetts State Exposition Building Maintenance Fund
Section 38B. (a) There shall be established and set up on the books of the commonwealth a separate fund to be known as the Massachusetts State Exposition Building Maintenance Fund, the funds of which shall be expended solely for the purposes of upkeep, programming, promotion, maintenance and repairs of the Massachusetts State Exposition Building and the land thereon, described more fully as the Massachusetts Building at the Eastern States Exposition in the town of West Springfield.
Terms Used In Massachusetts General Laws ch. 128 sec. 38B
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(b) The Massachusetts State Exposition Building Maintenance Fund shall receive monies from (1) gifts, grants and donations from public or private sources; (2) federal reimbursements, grants-in-aid or other money credited or transferred from any other fund or source; (3) rental fees and expenses received from tenants of the Massachusetts Building; and (4) any interest earned from the Massachusetts State Exposition Building Maintenance Fund. Such funds shall be impressed with a trust and held for the Board of Massachusetts Trustees of the Eastern States Exposition for certain expenditures for upkeep, programming, promotion, maintenance and repairs, as needed. The state treasurer may receive, deposit and invest funds held for said Board of Massachusetts Trustees of the Eastern State Exposition in such a manner that will ensure the highest interest rate available consistent with the safety of the fund.
(c) The books and records of the Massachusetts State Exposition Building Maintenance Fund shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.
(d) The division of capital asset management and maintenance is hereby authorized to expend such funds as may be necessary to facilitate the upkeep, programming, promotion, maintenance and repairs of the Massachusetts state exposition building and the land thereon as more fully described herein. All such upkeep, programming, promotion, maintenance and repairs shall be made in a manner consistent with the provisions of chapter 579 of the acts of 1980 and all other applicable laws.