Outside Section 138
Data Current as of: 1/26/2010
(a) Notwithstanding any general or special law to the contrary, upon the effective date of this act, the comptroller shall make a transfer from the General Fund to the Commonwealth Transportation Fund, established pursuant to section 2ZZZ of chapter 29, totaling $275,000,000,. The secretary of administration and finance, in concurrence with the secretary of transportation and public works, shall ensure that $100,000,000 shall be transferred to the Massachusetts Turnpike Authority or its successor in interest in fiscal year 2010 and, to provide for and secure this payment obligation, the secretary of administration and finance, on behalf of the commonwealth, shall, with the concurrence of the secretary of transportation and public works, enter into a contract with the authority before July 1, 2009 providing for the payment of that amount to said authority or its successor in interest in each fiscal year for the purpose of defraying costs, including debt service on bonds heretofore or hereafter issued by the authority or its successor in interest to finance or refinance improvements to the metropolitan highway system. The term of this contract shall extend until the last fiscal year in which any such bonds issued before the date of the contract are scheduled to mature. These payments may be treated as revenues of the authority or of its successor in interest within the meaning of section 6 of chapter 81A of the General Laws and the authority or its successor in interest may pledge such contract and the rights of the authority or its successor in interest to receive amounts thereunder as security for the payment of the bonds issued before the date of the contract or of any bonds or notes issued by the authority or its successor in interest to refinance those bonds. This contract shall constitute a general obligation of the commonwealth for which the full faith and credit of the commonwealth shall be pledged for the benefit of the authority or its successor in interest and of the holders of any bonds or notes secured by a pledge of such contract or of amounts to be received by the authority or its successor in interest under the contract. The payment obligation and contract securing it provided for in this section shall be in addition to the payment obligation provided for under section 12 of said chapter 81A of the General Laws and the contract securing it under said section 12.
(b) The remaining amount transferred under this section shall be distributed to the Massachusetts Bay Transportation Authority and regional transit authorities according the following parameters:
(i) $160,000,000 shall be transferred to the Massachusetts Bay Transportation Authority or any fund controlled by the authority in each fiscal year; and
(ii) $15,000,000 shall be transferred to regional transit authorities organized under chapter 161B or predecessor statutes in each fiscal year.
(c) Notwithstanding any general or special law to the contrary, no contract shall be entered into providing for transferring and securing the additional payment obligation provided for in this section unless the board of the Massachusetts Turnpike Authority has first adopted a budget for fiscal year 2010 that provides for no new toll increase to take effect in fiscal year 2010 in the event that $100,000,000 is transferred to the authority and secured in accordance with this section.