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Budget Summary FY2015

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Outside Section 170
Data Current as of:  10/17/2014

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Insufficiency of funds; payments by commonwealth

SECTION 170.   Section 18 of chapter 161A of the General Laws, as so appearing, is hereby amended by adding the following paragraph:-

The secretary of administration and finance, on behalf of the commonwealth shall, with the concurrence of the secretary of the Massachusetts Department of Transportation, enter into a contract with the authority. The contract shall provide for payments by the commonwealth of $160,000,000 annually to the authority, in substantially equal monthly payments not later than the last day of each month.

The authority may pledge the contract and the rights of the authority to receive amounts thereunder as security for the payment of notes or bonds issued under this chapter. Such 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 and of the holders of any notes or bonds of the authority which may be secured by a pledge of such contract or of amounts to be received by the authority under such contract.