Representative Kocot of Northampton moves to amend the bill by adding the following section:
“SECTION .
Chapter 29 of the General Laws is hereby amended by inserting after section 2JJJ the following section:-
Section 2KKL. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Connecticut River Boathouse and Rowing Facility Construction Fund, the funds of which shall be expended by the department of travel and tourism to develop a public rowing and regatta center on the Connecticut River in the city of Northampton on land under the care and custody of the department of conservation and recreation. Said department shall establish a memorandum of understanding with the city of Northampton, Northampton Youth and Community Rowing, Inc., the University of Massachusetts and the department of conservation and recreation to construct the facility, establish a governing body to oversee its operations, to lease portions of the facility to appropriate users and to promote youth and adult rowing teams and events for all ages, provided, that the operational costs of said facilty shall be not be paid by the Commonwealth.
The Connecticut River Boathouse and Rowing Facility Construction Fund shall receive monies from: (1) gifts, grants, appropriations and donations from public or private sources; (2) federal reimbursements and grants-in-aid; (3) any interest earned from the fund; and (4) the proceeds of special obligation bond sales by the commonwealth, denoted as the Connecticut River Boathouse and Rowing Facility Construction Loan Act of 2008. The state treasurer shall receive, deposit and invest funds held in such a manner as to ensure the highest interest rate available consistent with the safety of the fund. The books and records of the fund shall be subject to an annual audit by the state auditor. The division of fish and game may expend such funds, in addition to appropriation, and no expenditure from the fund shall cause it to be in deficiency at the close of a fiscal year. The commissioner of said division shall report annually to the house and senate committees on ways and means and the joint committee on the environment, natural resources and agriculture on income received into the fund and the sources of that income, any expenditures from the fund and their purposes and fund balances.
SECTION 2.
To meet a portion of the expenditures necessary in carrying out the provisions of section 2KKK of chapter 29 of the General Laws, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding in the aggregate the sum of $10,000,000 to be in addition to those bonds previously authorized and which authorizations remain uncommitted or unobligated on the effective date of this act. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Commonwealth of Massachusetts and the department of travel and tourism Connecticut River Boathouse and Rowing Facility Loan Act of 2008, and shall be issued for a maximum term of years, not exceeding 20 years, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth; provided, however, that all such bonds shall be payable not later than June 30, 2028. All interest and payments on account of principal of such obligations shall be payable from the General Fund. Bonds and interest thereon issued under the authority of this section shall be general obligations of the commonwealth. “