General Laws of Massachusetts - Chapter 29C Water Pollution Abatement Revolving Loan Program - Section 4 Monies held in trust; administration of fund

Section 4. (a) The board of trustees shall receive in trust, hold, administer and disburse in and from the fund exclusively for the benefit of the beneficiaries thereof the following monies:

(i) notwithstanding the provisions of sections two B and two C of chapter twenty-nine, all federal capitalization grants received under Title VI of the Clean Water Act; provided, however, that the reserve required by section six hundred and four (b) of the Clean Water Act to carry out planning under sections two hundred and five (j) and three hundred and three (e) of said Clean Water Act shall not be so received by the board of trustees, but shall be received and administered by the department subject to section two B of chapter twenty-nine;

(ii) amounts appropriated by the commonwealth to the trust for purposes of the fund;

(iii) proceeds of bonds of the trust to the extent required by the board’s resolution for issuance of such bonds or any applicable trust agreement;

(iv) loan repayments and other payments received by the trust in respect of loans to local governmental units;

(v) investment earnings on monies in the fund; and

(vi) any other amounts required to be credited to the fund by any law or by any resolution, loan agreement or trust agreement of the board or which the board shall otherwise determine to deposit therein.

(b) Actions by the board with respect to the fund shall be subject to the requirements of this chapter and applicable provisions of any loan agreement or trust agreement of the trust and, with respect to amounts held therein derived from capitalization grants made under Title VI of the Clean Water Act, to the applicable requirements of federal law. Whenever the board takes discretionary action, it shall be guided by the purpose of best effecting the purposes of this chapter to implement financial assistance in support of water pollution abatement practices consistent with the responsibilities of the trust to its bondholders, local governmental units and other beneficiaries of the trust. The provisions of section six B and sections seven A to seven G, inclusive, of chapter twenty-nine shall not apply to grants received by the trust for purposes of the fund from the United States. The state treasurer shall be the treasurer-custodian of the fund as provided in section two L of said chapter twenty-nine, and, subject to any applicable trust agreement, the state treasurer is authorized to invest monies held in the fund in such investments as may be legal investments for funds of the commonwealth.

(c) For necessary and convenient administration of the fund, the board shall direct the state treasurer to establish one or more accounts and sub-accounts within the fund as shall be necessary to meet any applicable federal law requirement for segregation of Title VI funds for specified purposes established by federal law or as the board shall otherwise deem necessary or desirable to segregate any monies received or derived from federal capitalization grants under Title VI of the Clean Water Act or any other source from other monies in the fund in order to implement the provisions of this chapter or to comply with any trust agreement. The trust may also establish in any trust agreement or otherwise as the board shall determine one or more other funds and accounts for revenues and other monies of the trust not required to be held in the fund and to apply and disburse such monies and revenues to the purposes of the trust.

(d) Notwithstanding the provisions of section twenty-seven of chapter twenty-one, the board, the state treasurer and the comptroller, with the approval of the governor, shall take all action necessary to transfer to the fund the sum of money constituting the commonwealth’s allotment for federal fiscal year nineteen hundred and eighty-nine and each federal fiscal year thereafter for authorizations under Title II of the Clean Water Act; provided, however, that any portion of any allotment which, under the provisions of the Clean Water Act, may not be transferred to or used for the purposes of the fund shall continue to be received and administered by the department in accordance with said chapter twenty-one.

Section:  Previous  1  2  3  4  5  6  6A  7  8  9  10  11  12  13  14  Next

Last modified: September 11, 2015