Massachusetts General Laws ch. 29 sec. 2ZZZ – Commonwealth Transportation Fund
Section 2ZZZ. (a) There shall be established and set up on the books of the commonwealth a separate fund to be known as the Commonwealth Transportation Fund, which shall be used exclusively for financing transportation-related purposes. There shall be credited to the fund all fees received by the registrar of motor vehicles under section 34 of chapter 90, all receipts paid into the treasury of the commonwealth and directed to be credited to the Commonwealth Transportation Fund under chapters 21J, 64A, 64E, 64F and any other applicable general or special law and all amounts appropriated into the fund by the general court. The fund shall be subject to appropriation and shall be used for transportation related expenses of the executive office of transportation or any successor agency or authority, including to pay or reimburse the General Fund for payment of debt service on bonds issued by, or otherwise payable under a lease or other contract assistance agreement by, the commonwealth for transportation purposes.
Terms Used In Massachusetts General Laws ch. 29 sec. 2ZZZ
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) Notwithstanding subsection (a), the crediting of receipts from the tax imposed under chapter 64A to the fund shall not affect the obligations of the commonwealth relating to notes issued under sections 9 to 10D, inclusive, of chapter 11 of the acts of 1997 and the pledge of receipts from the portion of the tax per gallon imposed under said chapter 64A equal to 10 cents per gallon, to secure the payment of such bonds under the circumstances described in the trust agreements relating to such notes is hereby ratified and confirmed in all respects and shall remain in full force and effect as long as any such notes issued as of July 1, 2009 remain outstanding under their terms and secured by funds in the fund.
(c) In addition to those revenues credited to the fund under subsection (a) there shall be credited to the fund all monies received by the commonwealth from the receipts from sales of motor vehicles under sections 3, 25 and 26 of chapter 64H and all monies received by the commonwealth on the sales price of purchases of motor vehicles under sections 4, 26 and 27 of chapter 64I, from the taxes imposed under said chapters 64H and 64I as excises upon the sale and use at retail of motor vehicles and upon the storage, use or other consumption of motor vehicles, including interest thereon or penalties; provided however, such amount shall not include any portion of the taxes that constitute special receipts within the meaning of subsection (b1/2) of section 10 of chapter 152 of the acts of 1997. The amount credited to the fund under this subsection shall be net of the dedicated sales tax revenue amount transferred to the Massachusetts Bay Transportation Authority State and Local Contribution Fund under section 35T of chapter 10 and to the School Modernization and Reconstruction Trust Fund under section 35BB of said chapter 10.
(d) Not less than the following amounts shall annually be distributed from the fund to the Massachusetts Bay Transportation Authority and regional transit authorities:
(1) $160,000,000 to the Massachusetts Bay Transportation Authority or any fund controlled by the authority in each fiscal year; and
(2) $15,000,000 to regional transit authorities organized under chapter 161B or predecessor statutes in each fiscal year.