Massachusetts General Laws ch. 25 sec. 12O – Department of Telecommunications and Energy Trust Fund
Section 12O. There shall be established upon the books of the commonwealth a separate fund to be known as the Department of Telecommunications and Energy Trust Fund. There shall be credited to said fund all amounts collected pursuant to the second paragraph of section 18 and any income derived from the investment of amounts credited to the fund. All amounts credited to the fund shall be held in trust and shall be available for expenditure, without further appropriation, by the department of telecommunications and energy commission, for activities of the department related to the regulation of electric companies. Any unexpended balance in the fund at the close of a fiscal year shall remain in the fund and shall be available for expenditure in the following fiscal year.
Terms Used In Massachusetts General Laws ch. 25 sec. 12O
- 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.