Section 2CCCCCC: Education and Transportation Reserve Fund

191 words·~1 min read·/ma/part-i/title-iii/chapter-29/2cccccc

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Section 2CCCCCC.

(a)There shall be established and set up on the books of the commonwealth a separate fund known as the Education and Transportation Reserve 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. The balance of the fund shall not exceed 33 per cent of the annual spending threshold set pursuant to subsection

(f)of said section 2BBBBBB. Amounts credited to the fund may be expended, subject to appropriation, to offset the unforeseen and dramatic loss of revenues within a fiscal year, after implementing all efficiencies and savings possible, to pay current liabilities of the Education and Transportation Fund established in subsection

(b)of said section 2BBBBBB. The account shall not be subject to section 5C.

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