Section 35O. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Massachusetts United States Olympic Fund to assist residents of the commonwealth in paying all or part of any costs associated with the development, maintenance, and operation of the United States Olympic team participating in the Olympics and the United States Paralympic team participating in the Paralympics.

Terms Used In Massachusetts General Laws ch. 10 sec. 35O

  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC

Said fund shall consist of all revenues received by the commonwealth: (1) under the provisions of law authorizing the purchase of distinctive motor vehicle registration plates for the Massachusetts United States olympic committee, pursuant to section two of chapter ninety; (2) the provisions of law authorizing the voluntary check-off donation indicated on the department of revenue’s annual individual income tax return, pursuant to section six H of chapter sixty-two, and (3) from public and private sources as gifts, grants, and donations to further the development, maintenance, and operation of the United States olympic team.

The state treasurer shall deposit monies in said fund in accordance with the provisions of sections thirty-four and thirty-four A of chapter twenty-nine in such manner as will secure the highest interest rate available consistent with safety of the fund and with the requirement that all amounts on deposit be available for immediate withdrawal at any time by the authorized representative of the United States olympic committee.

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