Massachusetts General Laws ch. 25 sec. 12R – Department of Public Utilities Unified Carrier Registration Trust Fund
Section 12R. There shall be a Department of Public Utilities Unified Carrier Registration Trust Fund. The department shall credit to the fund: (i) application fees collected pursuant to section 10 of chapter 159B; and (ii) 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 for the regulation of motor carriers pursuant to said chapter 159B. 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 subsequent fiscal years.
Terms Used In Massachusetts General Laws ch. 25 sec. 12R
- 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.
Annually, not later than December 1, the department shall issue a report to the clerks of the senate and house of representatives and to the chairs of the senate and house committees on ways and means on the fund activities including, but not limited to, amounts credited to the fund, amounts expended from the fund and any unexpended balance.