Massachusetts General Laws ch. 29 sec. 2FFF – Dam Safety Trust
Section 2FFF. There is hereby established and set up on the books of the commonwealth an expendable trust to be known as the Dam Safety Trust. There shall be credited to the trust all receipts and revenues generated through agreements executed between the department of conservation and recreation and public or private entities for dam safety purposes, and all fines, costs, expenses, and interest imposed under sections 44 to 48A, inclusive, of chapter 253. The amounts credited to the trust shall be available for expenditure subject to appropriation, by the department of conservation and recreation up to an amount of $250,000 each fiscal year for the costs associated with the operations of the office of dam safety within the department, but such expenditures shall be solely for the purposes stated in this section and no funds shall be transferred from the trust to any other fund. The comptroller may assess the trust for fringe and overhead costs under section 5D and section 6B. If the amount credited to the trust exceeds $250,000, the excess amount shall be deposited into the General Fund. No expenditure made from the fund shall cause the fund to become deficient at any point during the fiscal year.
Terms Used In Massachusetts General Laws ch. 29 sec. 2FFF
- 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.