[ Text of section effective until August 10, 2008. For text effective August 10, 2008, see below.]
Section 98. It shall be the duty of the board (a) to survey the direct and contingent debt requirements of the commonwealth in all its aspects, the direct debt of state authorities as defined by section one of chapter twenty-nine and the direct debt of the regional transit authorities, at least quarterly; (b) to furnish on December thirty-first and June thirtieth of each year, the governor and council, the state treasurer and the general court, through its committees on ways and means, with its recommendations and analysis on the following aspects of the commonwealth's financial structure:
(1) the affordability and condition of the general obligation debt of the commonwealth, (2) current long-term and short-term debt-financing methods, (3) a five year forecast of projected debt service based on current outstanding debt of the commonwealth, (4) affordability and condition of the outstanding debt of state authorities and regional transit authorities, (5) methods of refinancing maturing obligations, (6) methods of improving credit rating, (7) projection of bond and note issuances for the next two fiscal years of the commonwealth, state authorities and regional transit authorities, (8) the cumulative impact on debt service of all capital authorizations pending before the general court, (9) whether proposed expenditures should be financed from the sale of bonds; and (c) to furnish on December thirty-first and June thirtieth of each year, an analysis of the current fiscal year's issued long-term and short-term debt of the commonwealth, state authorities and regional transit authorities, including (1) volume of long-term and short-term offerings, (2) financing methods used, (3) interest costs, (4) costs incurred in financing including, but not limited to, credit enhancements, (5) liquidity enhancements, and (6) market demand.
Chapter 6: Section 98. Duties of board
[ Text of section as amended by 2008, 304, Sec. 3 effective August 10, 2008. For text effective until August 10, 2008, see above.]
Section 98. (a) As used in this section, "state entities'' means the commonwealth, state authorities as defined in section 1 of chapter 29 and other state entities with responsibility for managing and overseeing public funds.
(b) It shall be the duty of the board to promote transparency, public accountability and adherence to best practices by all state entities with respect to investments, borrowing or other financial transactions made or entered into by state entities and involving public funds. The board shall make an annual written report to the secretary of administration and finance, the state treasurer, the state auditor, the house and senate committees on ways and means and the chairpersons of the joint committee on bonding, capital expenditures and state assets with respect to its findings regarding investments, borrowing and other financial transactions carried out by state entities and its activities to promote transparency, public accountability and best practices with respect thereto.
(c) In order to carry out its duty, the board may:
(1) adopt regulations or guidelines requiring state entities to report, adopt appropriate policies, and adhere to best practices with respect to investments, borrowing and other financial transactions;
(2) make recommendations to state entities or state officers and propose legislative changes to improve the management of public funds;
(3) employ staff and engage professionals to review and advise it on financial transactions entered into by state entities; and
(4) conduct oversight hearings with respect to investment, borrowing and other financial transactions made or entered into by state entities.