Section 29:2EEEEEE - [Multiple versions] Commonwealth Federal Matching and Debt Reduction Fund(a) There shall be established and set up on the books of the commonwealth a separate, non-budgeted special revenue fund to be known as the Commonwealth Federal Matching and Debt Reduction Fund, which shall be administered by the secretary of administration and finance. The fund shall be credited with: (i) interest earned in each fiscal year on the investment of money in the Commonwealth Stabilization Fund established in section 2H, subject to subsection (b); (ii) appropriations or other money designated to be credited to the fund; and (iii) interest earned on any amounts in the fund. Amounts credited to the fund shall be expended without further appropriation. Any unexpended balance in the fund at the end of a fiscal year shall not revert to the General Fund and shall remain available for expenditure in subsequent fiscal years. No expenditure made from the fund shall cause the fund to be in deficit.(b) Quarterly, the comptroller shall transfer to the fund any interest credited to the Commonwealth Stabilization Fund during the previous quarter; provided, however, that no such transfer shall occur if: (i) the balance of the Commonwealth Stabilization Fund for the most recently ended fiscal year has decreased below the balance of the Commonwealth Stabilization Fund at the close of the immediately preceding fiscal year as certified by the comptroller in the statutory basis financial report required pursuant to section 12 of chapter 7A; or (ii) the balance of the Commonwealth Stabilization Fund does not exceed 10 per cent of budgeted revenues for the immediately preceding fiscal year, as stated in the most recent statutory basis financial report; and provided further, that if the report for the immediately preceding fiscal year has not yet been issued, the comptroller shall make an estimate of the Commonwealth Stabilization Fund balance and budgeted revenues and other financing sources for the immediately preceding fiscal year.(c) Annually, not later than 5 business days after the issuance of the statutory basis financial report required pursuant to section 12 of chapter 7A, the comptroller shall report to the executive office for administration and finance, the clerks of the house of representatives and the senate and the house and senate committees on ways and means on: (i) the balance of the Commonwealth Stabilization Fund as of June 30 of the preceding fiscal year; and (ii) the interest earned by the Commonwealth Stabilization Fund during the preceding fiscal year.(d) The secretary of administration and finance may expend money from the fund, without further appropriation, for: (i) repaying, prepaying, defeasing, retiring, tendering, purchasing, reducing the principal or interest payable on or otherwise reducing any portion of the commonwealth's indebtedness; (ii) reducing, repaying or retiring any portion of the commonwealth's long-term liabilities, including, but not limited to, pension obligations, other post-retirement benefits, capital leases, general or special obligation contract liabilities and equivalent liabilities; and (iii) transferring any amounts in the fund to the Commonwealth Stabilization Fund. The secretary of administration and finance shall provide notice to the clerks of the house of representatives and the senate and the house and senate committees on ways and means not less than 30 days prior to expending funds from the Commonwealth Federal Matching and Debt Reduction Fund, including, but not limited to, the purpose and amount of each expenditure.(e) Twice per year, not later than December 31 and June 30, respectively, the secretary of administration and finance shall provide reports to the clerks of the house of representatives and the senate and the house and senate committees on ways and means on the activities of the Commonwealth Federal Matching and Debt Reduction Fund for the prior period.Mass. Gen. Laws ch. 29, § 29:2EEEEEE
Added by Acts 2024, c. 214,§ 2, eff. 9/24/2024.