Massachusetts General Laws ch. 23G sec. 6 – Massachusetts Export Development Fund
Section 6. (a) There is hereby established within the Agency the Massachusetts Export Development Fund, referred to in this section and section 7 as the fund and which shall be the successor to the Massachusetts Export Finance Fund. Said Massachusetts Export Development Fund shall receive state, federal, and private monies and the return from investment generated thereby, and allocate the same for the purposes of the export finance program. Said fund shall consist of a separate account or accounts segregated from other Agency funds and to which shall be credited any state appropriation or funding from any other source, public or private, which may be made available to the fund.
Terms Used In Massachusetts General Laws ch. 23G sec. 6
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Notwithstanding the provisions of any general or special law to the contrary, the Agency shall utilize the fund, and be empowered to so utilize the fund, as provided in section 7.
(b) The liabilities or obligations of the Agency for any insurance, co-insurance or loan guarantees made pursuant to the Massachusetts export finance program, shall not extend beyond the funds which are allocated and deposited in the fund and shall not constitute a debt or pledge of the faith and credit of the commonwealth or of any subdivision thereof.
(c) Those monies which are deposited in the fund, pending allocation as provided in this section, may be invested in securities issued by the Treasury of the United States government or the government of the commonwealth. Returns from such investments shall be deposited in the fund and shall be used to support loan guarantees, insurance, and co-insurance as provided in section 7 and to defray the administrative and operational costs of the Massachusetts export finance program.
(d) The monies in the fund shall be paid out by the treasurer of the Agency in furtherance of the purposes of this section and section 7.