Section 5: Center fund; Massachusetts Microelectronics Center
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/ma/part-i/title-vii/chapter-40j/5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5. There is hereby established a fund for carrying out the purposes of this chapter, hereinafter referred to as the ''center fund'', to which shall be credited the proceeds of any bonds or notes of the commonwealth issued for this purpose, and any appropriations authorized by the general court specifically designated to be credited to the center fund.
The corporation shall hold the center fund in an account or accounts separate from other funds. All appropriations, grants and other funds received by the corporation and not specifically designated to be credited to the center fund, including all rates, rents, fees and charges collected by the corporation, and the proceeds of all investments, including the proceeds of investments of the center fund, may be used to pay for the start-up expenses, project costs and current expenses of the corporation.
Unless otherwise specified, all monies of the corporation, from whatever source, derived shall be paid to the treasurer of the corporation. Said monies shall be deposited in the first instance by the treasurer in one or more national banks, trust companies or banking companies in compliance with section thirty-four of chapter twenty-nine. Funds in such accounts shall be paid out on the warrant or other order of the treasurer of the corporation or of such other person or persons as the board may authorize to execute such warrant or warrants.
The corporation shall draw upon the center fund, as provided pursuant to section six of this chapter, to meet the start-up expenses and project costs of acquiring, owning and operating, or of contracting with third parties to acquire, own and operate lands, buildings, facilities and equipment for centers within the meaning of this chapter; provided, however, that the first center so established shall be for the training and education of students in semi-conductor and microelectronics technologies, including, but not limited to, a design, fabrication and testing facility, to be known as the Massachusetts Microelectronics Center to afford opportunities for practical training in state-of-the-art semi-conductor and microelectronics technologies; provided, further, that the corporation shall not utilize the principal of the center fund to support current expenses of the Massachusetts Microelectronics Center or of any other center established pursuant to this chapter.
If the board determines that participating businesses and participating institutions have failed to provide support to a center in a manner required by the board, which support includes the provision by participating businesses of the equipment and machinery necessary and appropriate to ensure that the center is maintained at a level consistent with developing technology and the provision by both participating businesses and participating institutions of qualified individuals from among the employees thereof to serve from time to time as instructors at the center, the board shall report this fact to the general court, which may dissolve the corporation and direct the dissolution of its assets or take such other action as it deems appropriate.
In formulating plans for the establishment of centers pursuant to the provisions of this chapter, the corporation shall be authorized to consult with and utilize the services of the Government Land Bank established pursuant to chapter two hundred twelve of the acts of nineteen hundred and seventy-five, as amended, for such technical assistance as the board deems necessary or appropriate to the effective discharge of the corporation's responsibilities relative to the acquisition, construction, reconstruction and remodeling of facilities required for such centers.