Massachusetts General Laws ch. 6A sec. 16I – Housing and Economic Development Trust Fund
Section 16I. (a) There shall be a Housing and Economic Development Trust Fund to be administered by the secretary of housing and economic development. Monies in the fund shall be deposited with the state treasurer in a manner that will secure the highest interest rate available consistent with the safety of the fund and with the requirement that all amounts on deposit be available for immediate use.
Terms Used In Massachusetts General Laws ch. 6A sec. 16I
- 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.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
(b) The secretary shall appoint the trustee of the fund, who shall serve until a successor is appointed.
(c) There shall be credited to the fund: (i) grants, bequests, gifts or contributions of cash or securities, or contributions of services or property in kind from any persons or other governmental, nongovernmental, quasi-governmental or local governmental entities made for the purpose of supporting the executive office of housing and economic development as set forth in subsection (d); and (ii) all interest earned on monies in the trust.
(d) Expenditures from the fund shall not be subject to appropriation and balances remaining at the end of a fiscal year shall not revert to the General Fund. Expenditures from the fund shall be made only for the following purposes: (i) operating costs of the executive office of housing and community development, including the divisions and programs within the executive office; (ii) operating costs of the Massachusetts marketing partnership and the offices within the partnership, including the Massachusetts international trade office, the commonwealth marketing office, the office of travel and tourism, the Massachusetts film office and the Massachusetts sports partnership; and the Massachusetts office of business development, including the divisions and programs within that office; and (iii) costs associated with housing and economic development programs, grants and initiatives of the secretary.
(e) Funds deposited and expended from the fund shall not be assessed any indirect costs.
(f) For the purpose of accommodating timing discrepancies between the receipt by the fund of revenues and related expenditures, the fund may incur expenses and the comptroller may certify payments from the fund in anticipation of fund receipts based on estimated receipts as certified by the trustee. The trustee shall insure that no expenditures from the fund shall cause the fund to be in deficiency at the close of a fiscal year.