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Budget Summary FY2012

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Outside Section 42
Data Current as of:  7/11/2011

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Health Information Technology and Build America Bonds Trust Funds

SECTION 42.   Section 49 of said chapter 29, as appearing in the 2008 Official Edition, is hereby amended by adding the following paragraph:-

If bonds are issued subject to a requirement under federal tax law that the proceeds from any investment of the proceeds from the sale of the bonds shall be used for capital expenditures including, without limitation, section 54AA(g)(2) of the Internal Revenue Code of 1986, as amended, the state treasurer may, without further appropriation or allotment, apply investment earnings allocable to the proceeds of such bonds to the payment or reimbursement of capital expenditures for which bonds have been authorized but not yet issued, and the amount of bonds authorized to be issued for any such expenditures shall be reduced by the amount of investment earnings so applied.