Section 2HHHHH: Massachusetts Cultural and Performing Arts Mitigation Trust Fund
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/ma/part-i/title-iii/chapter-29/2hhhhhA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2HHHHH.
(a)There shall be a Massachusetts Cultural and Performing Arts Mitigation Trust Fund. All amounts credited to the fund shall be held in trust and shall be available for expenditure, without further appropriation, by the Massachusetts cultural council. The fund shall consist of:
(i)monies transferred to the fund from the Gaming Revenue Fund pursuant to subclause
(a)of clause
(2)of section 59 of chapter 23K;
(ii)income derived from the investment of amounts credited to the fund; and
(iii)all other monies credited to or transferred to the fund from any other fund or source. The comptroller may certify amounts for payment in anticipation of expected receipts; provided, however, that no expenditure shall be made from the fund that shall cause the fund to be deficient at the close of a fiscal year. Money remaining in the fund at the close of a fiscal year shall not revert to the General Fund and shall be available for expenditure in subsequent fiscal years.
(b)Expenditures from the fund shall be made in the following manner; provided, however, that administrative and operational expenses shall not exceed 7 per cent of the total assets of the fund in any 1 fiscal year:
(i)1/4 of all monies deposited into the fund pursuant to subsection
(a)shall be dedicated to the organizational support program of the Massachusetts cultural council; and
(ii)3/4 of all monies deposited into the fund pursuant to said subsection
(a)shall be dedicated to support not-for-profit and municipally-owned performing arts centers impacted as a result of the operation of gaming facilities; provided, however, that funds dedicated to such performing arts centers shall be to subsidize fees paid to touring shows or artists. Funding dedicated to such performing arts centers shall be allocated through a competitive grant process to be developed and administered by the Massachusetts cultural council.
(c)The Massachusetts cultural council shall report annually not later than March 1 to the house and senate committees on ways and means on the fund. The report shall include, but not be limited to, revenue received by the fund, revenue and expenditure projections for the forthcoming fiscal year and details of all expenditures from the fund.