Massachusetts § 2DDDDDD - Education and Transportation Innovation and Capital Fund; certification of fund balance

§ 2DDDDDD. Education and Transportation Innovation and Capital Fund; certification of fund balance

Section 2DDDDDD. (a) There shall be established and set up on the books of the commonwealth a separate fund knows as the Education and Transportation Innovation and Capital Fund. The fund shall be credited with: (i) funds transferred pursuant to subsection (c) of section 2BBBBBB; (ii) appropriations or other money authorized or transferred by the general court and specifically designated to be credited to the fund; (iii) funds from public and private sources, including, but not limited to, gifts, grants and donations; and (iv) any interest earned on the assets of the fund. Amounts credited to the fund shall be expended, subject to appropriation, on 1–time investments, including, but not limited to, pay-go capital or other 1–time projects, related to quality public education and affordable public colleges and universities and for the repair and maintenance of roads, bridges and public transportation. Amounts credited to the fund shall be made available for expenditure upon their certification pursuant to section 5I. The fund shall not be subject to section 5C.

(b) The comptroller shall certify the balance of the fund at the end of each fiscal year.