By Mr. Buoniconti, a petition (accompanied by bill,
Senate, No. 130) of Stephen J. Buoniconti and Angelo
Puppolo for legislation to establish a distressed cities
fund. Community Development and Small Business. |
By Mr. Buoniconti, a petition (accompanied by bill,
Senate, No. 130) of Stephen J. Buoniconti and Angelo
Puppolo for legislation to establish a distressed cities
fund. Community Development and Small Business. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the commonwealth shall establish and maintain a special fund to be known as the Distressed Cities Fund. Thee shall be appropriated into the fund $100,000,000. The state treasurer shall be the custodian of the fund and interest earned on the fund shall be added to and become part of the fund. The fund shall be administered by the commissioner of the department of revenue an the commissioner shall establish the criteria and eligibility requirements for the disbursement of fund proceeds to distressed cities that meet the eligibility requirements.
