§ 1 Definitions
§ 2 Limitations and restrictions upon manner of incurring debt
§ 3 Computation of indebtedness
§ 4 Temporary loans in anticipation of revenue; conditions; limitations
§ 6 Power to incur debt for payment of land damages, altering grade crossings, and highway or traffic control expenditures
§ 6A Power to borrow in anticipation of reimbursement by federal government or commonwealth
§ 7 Cities and towns; purposes for borrowing money within debt limit
§ 8 Cities and towns; purposes for borrowing money outside debt limit
§ 8A Orders authorizing issuance of bonds; authentication
§ 8B Cities and towns; right to replace lost funds deposited; liquidation or insolvency of depository bank
§ 8C Cities and towns; acquisition of land for conservation or recreation purposes in anticipation of state or federal reimbursement of expense; temporary debt outside limit authorized
§ 9 Districts; right to borrow money; purposes; amount
§ 10 Debt limit
§ 11 Debt retirement; provision for earlier payment
§ 14 Liability for lawful debts
§ 15 Liability for legal debts contracted under special acts
§ 16 Issuance of bonds, notes and certificates of indebtedness; procedure; form; contracts with banking or financial institutions
§ 16A Facsimile signature
§ 16B Facsimile seal; validity
§ 17 Temporary loans; refund; repayment
§ 18 Discount of notes
§ 19 Issuance of notes payable on demand forbidden; procedure for repaying debts; time for making final payment
§ 19A Inability to pay interest or principal of bonds, notes or certificates of indebtedness; notice; certification to state treasurer; payment by state treasurer
§ 20 Proceeds from sale of bonds; restrictions on use; disposition of premiums
§ 20A Advances made in anticipation of proceeds
§ 21 Call and redemption prior to maturity
§ 21A Refunding bonds; issuance; present values
§ 21B Designation of tax credit bonds; sinking fund; sale of tax credit bonds; issuance of refunding bonds
§ 21C Lease purchase financing agreements
§ 22 Rate of interest
§ 22A Insurance, letters or lines of credit for bonds or notes; trust agreements
§ 22B Bonds and notes; official statements; advertising; collateral tax consequences to social security recipients
§ 22C Security for bonds or notes; insurance, letters or lines of credit, trust agreements
§ 23 Forms for notes
§ 24 Authentication; certification
§ 24A Bearer instruments
§ 27 Certification; evidence of liability
§ 27A Effect of provisions on power to issue notes
§ 28 Report to director of accounts required
§ 28A Applicability of finance law to school districts
§ 28B Applicability of finance law to planning districts
§ 28C Management of solid waste; project costs; debt obligations
§ 30 Determination of amount of appropriation for departments
§ 31 Liabilities in excess of appropriations forbidden; exceptions
§ 31A Report of estimated expenses; period covered; contents
§ 31C Construction contracts; certificate as to availability of funds; effect of certificate upon defense of insufficiency of appropriations
§ 31D Snow and ice removal; emergency expenditures; reporting requirements
§ 32 Submission of city budget to city council; procedure for approval, rejection or alteration
§ 33 Power of council to add to appropriation; conditions; limitations
§ 33A Salary provisions in budget; requirements and limitations
§ 33B Transfer of appropriations; restrictions
§ 35 Audits of accounts; when conducted; governmental units to be considered districts; copy to be sent to chief executive officer; costs
§ 38 Uniformity of accounting classifications; standards; authority of director
§ 39 Results of audit; report to municipality
§ 40 Audit of accounts; frequency; reports
§ 41 Failure to meet minimum standards and methods of accounting; expenses of auditing; payment
§ 42 Audits by private accountants; required reports
§ 42A Pilot program for audits of public functions of city, town, county, etc. where irregularities or illegal acts are suspected; establishment
§ 43 Accounting reports; returns; forms
§ 44 Reports of municipal statistics; publication
§ 45 Powers of director; attendance of witnesses; production of books and documents
§ 46A Powers of director; investigation of municipal affairs
§ 47 Right to establish or use
§ 48 Sinking fund commissioners; powers and duties; records; compensation
§ 49 Issuance of new bonds
§ 52 Issuance of bonds in exchange for bearer instruments
§ 53 City, town or district funds; use and disposition
§ 53A Grants and gifts; acceptance and expenditure
§ 53A1/2 Gifts of tangible personal property; acceptance
§ 53B Contributions by commonwealth; application to indebtedness
§ 53C Deposit and expenditure of compensation for off-duty or special detail work; appropriation for special fund; fee
§ 53D Recreation and park self-supporting service revolving funds; creation; authorized use of funds; annual report; revocation of provisions
§ 53E Agencies, boards, etc.; annual operating costs; offset by estimated receipts of user fees
§ 53E1/2 Revolving funds
§ 53E3/4 Energy Revolving Loan Fund
§ 53F Deposits of public funds in banking institutions in return for banking services
§ 53F1/2 Enterprise funds
§ 53F3/4 PEG Access and Cable Related Fund
§ 53G Employment of outside consultants
§ 53G1/2 Special account for deposits to secure the performance of an obligation by an applicant for a license or permit
§ 53H Rebate to federal government to exclude interest paid on bonds from gross income
§ 53I Settlement or incorporation celebrations; special fund
§ 53J Reservation of revenues from betterments or special assessments to repay debt issued in connection to such improvements
§ 54 Investment of trust funds
§ 55 Public funds on deposit; limitations; investments
§ 55A Liability of depositor for losses due to bankruptcy
§ 55B Investment of public funds
§ 55C Municipal Affordable Housing Trust Fund
§ 56 Towns; fiscal year
§ 56A Cities; fiscal year
§ 57 Taxation; interest on debts incurred in aid of a railroad
§ 58 Cities and towns; limitation on purchasing powers
§ 59 Enforcement of chapter
§ 60 Penalty for violation of law controlling handling of town and district notes
§ 61 Penalty for refusal to issue bond in exchange for bearer instruments in sinking funds
§ 62 Penalty for violation of provisions of chapter by officials
§ 63 Sale or other disposal of realty; disposition of proceeds
§ 63A Sales of public land; payment of taxes
§ 64 Payment of bills incurred in excess of appropriations
§ 65 Vacation pay; advances to employees
§ 66 Advances to public employees
§ 67 Deferred compensation program for employees; authorized investments; requisites; limitations
§ 67A Employee individual retirement accounts
§ 68 Retroactive salary increases
§ 69 Municipal or district services, fees or charges; insufficient funds checks or electronic funds transfers; penalty
§ 70 Payment for municipal programs, services, and activities; federal government reimbursements and other resources
§ 71 Contracts for revenue raising activities; regulations and guidelines; negotiation
§ 72 Federal funds for reimbursable medical expenses; distribution
§ 73 Requests for proposals for design and construction services in public-private partnership development agreement seeking assistance under chapter 29C; technical assistance from public-private partnership infrastructure oversight commission

Terms Used In Massachusetts General Laws > Chapter 44 - Municipal Finance

  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bequest: Property gifted by will.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Other entity: includes a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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.
  • Personal property: All property that is not real property.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.