Section 56. Funds from a sale of specific bonds or other securities which have reverted at the close of a fiscal year, under the act authorizing the expenditures to be financed by the sale of said bonds or other securities, or under section 14 shall first be transferred in the succeeding fiscal year or years on the books of account of the commonwealth, without appropriation, to the fund which is liable for the maturities on said bonds or other securities but only in such amount as is necessary to meet the specific bonds or other securities matured and paid from said fund, if any, in a fiscal year. When such transfers are no longer required to meet such maturities any balance of said funds remaining, after setting aside a sufficient amount to cover any such bonds or other securities which have matured but have not been presented for payment, shall be transferred, without appropriation, on the books of account of the commonwealth to the fund from which said bonds or other securities were paid.

Terms Used In Massachusetts General Laws ch. 29 sec. 56

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.