Massachusetts General Laws ch. 29 sec. 2DDDDDD – Education and Transportation Innovation and Capital Fund; certification of fund balance
[ Text of section added by 2023, 28, Sec. 17 effective January 1, 2023. See 2023, 28, Sec. 105.]
Terms Used In Massachusetts General Laws ch. 29 sec. 2DDDDDD
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
Section 2DDDDDD. (a) There shall be established and set up on the books of the commonwealth a separate fund knows as the Education and Transportation Innovation and Capital Fund. The fund shall be credited with: (i) funds transferred pursuant to subsection (c) of section 2BBBBBB; (ii) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (iii) funds from public and private sources, including, but not limited to, gifts, grants and donations; and (iv) any interest earned on the assets of the fund. Amounts credited to the fund shall be expended, subject to appropriation, on 1-time investments, including, but not limited to, pay-go capital or other 1-time projects, related to quality public education and affordable public colleges and universities and for the repair and maintenance of roads, bridges and public transportation. Amounts credited to the fund shall be made available for expenditure upon their certification pursuant to section 5I. The fund shall not be subject to section 5C.
(b) The comptroller shall certify the balance of the fund at the end of each fiscal year.