Section 8: Asset management project trust funds; establishment
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/ma/part-i/title-ii/chapter-7b/8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8. Notwithstanding the provisions of section four F of chapter seven or any other provision of the General Laws to the contrary, at the request of a state agency, the state treasurer is hereby authorized and directed to establish one or more asset management project trust funds for each state agency with approved asset management projects. Such trust or trusts shall be established to receive fifty percent of the proceeds accruing to an agency as a result of revenues produced by one or more approved asset management projects.
The remainder of the proceeds shall be deposited in the General Fund. The administrator in charge of each such state agency shall serve as sole trustee of said trust or trusts, and shall administer the trust so as to advance the purposes served by the agency. No expenditures from said trusts shall be made without the authorization from the secretary of the executive office of administration and finance. All expenditures from said trust funds shall conform to standard state accounting procedures and to such further requirements as prescribed by the comptroller.
Each such agency shall report annually to the house and senate committees on ways and means the amount of funds received in and expenditures made from any trust established pursuant to the provisions of this chapter.