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| 2 | 2 | | SENATE DOCKET, NO. 1437 FILED ON: 1/19/2023 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 2258 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Jason M. Lewis, (BY REQUEST) |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act to establish a Massachusetts Transportation Endowment Fund (MTEF). |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Vincent Lawrence Dixon60 Lake Street Unit N, Winchester MA |
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| 16 | 16 | | 01890 1 of 3 |
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| 17 | 17 | | SENATE DOCKET, NO. 1437 FILED ON: 1/19/2023 |
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| 18 | 18 | | SENATE . . . . . . . . . . . . . . No. 2258 |
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| 19 | 19 | | By Mr. Lewis (by request), a petition (accompanied by bill, Senate, No. 2258) of Vincent |
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| 20 | 20 | | Lawrence Dixon for legislation to establish a Massachusetts Transportation Endowment Fund |
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| 21 | 21 | | (MTEF). Transportation. |
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| 22 | 22 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 23 | 23 | | SEE SENATE, NO. 2352 OF 2021-2022.] |
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| 24 | 24 | | The Commonwealth of Massachusetts |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | In the One Hundred and Ninety-Third General Court |
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| 27 | 27 | | (2023-2024) |
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| 28 | 28 | | _______________ |
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| 29 | 29 | | An Act to establish a Massachusetts Transportation Endowment Fund (MTEF). |
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| 30 | 30 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 31 | 31 | | of the same, as follows: |
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| 32 | 32 | | 1 SECTION 1. The Massachusetts General Laws are hereby amended by inserting the |
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| 33 | 33 | | 2following new chapter:- |
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| 34 | 34 | | 3 An Act to establish a Massachusetts Transportation Endowment Fund (MTEF). |
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| 35 | 35 | | 4 1.) PURPOSES – Massachusetts has been a pioneer in developing, and expanding mass |
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| 36 | 36 | | 5transportation for its population. In doing so, a consistent part of development, includes the |
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| 37 | 37 | | 6continuing capital expenditures needed, to expand, and improve mass transit lines, particularly |
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| 38 | 38 | | 7the fixed rail lines, stations, and other facilities; and resources for such, which often appear |
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| 39 | 39 | | 8weak; or in need of capital upgrading; and/or are non-existent. 2 of 3 |
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| 40 | 40 | | 9 2.) Thus, it is important to identify, secure, provide for, and expand sources of capital |
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| 41 | 41 | | 10expenditures, and this Statute, is designed for that purpose. |
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| 42 | 42 | | 11 3.) Each and every year, a sum of not less than $200,000,000, ($200 Million), shall be |
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| 43 | 43 | | 12transferred to a Massachusetts Transportation Endowment Fund (MTEF). |
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| 44 | 44 | | 13 4.) This money, shall become a permanent trust fund, operating as an endowment, with |
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| 45 | 45 | | 14significantly described requirements, and provisions. Income from the fund, may be used, only |
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| 46 | 46 | | 15for capital construction, and improvements, of mass transportation lines, stations, and facilities, |
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| 47 | 47 | | 16and needed additional directly related construction. |
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| 48 | 48 | | 17 5.) Principal amounts, shall become fixed Endowment Principal, together with other |
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| 49 | 49 | | 18specified amounts, to be further described. |
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| 50 | 50 | | 19 6a.) When the fund principal, exceeds $1,000,000,000 ($1 Billion) in Endowment |
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| 51 | 51 | | 20Principal; the formula for use, shall change: |
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| 52 | 52 | | 21 6b.) Half of the annual contribution of $200,000,000 ($200 Million) may be directed to |
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| 53 | 53 | | 22capital expenditures; while $100,000,000 ($100 Million) is directed to increase in the |
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| 54 | 54 | | 23Endowment Principal. |
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| 55 | 55 | | 24 6c.) Half of the annual income, may be utilized for capital expenditures. New non-fare |
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| 56 | 56 | | 25revenues, from businesses on transit properties, shall be apportioned, with half of such revenues |
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| 57 | 57 | | 26going to Operations, and half to the Endowment Principal. |
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| 58 | 58 | | 27 7.) A Capital Project Approval Board (CPAB), of nine (9) members, shall review |
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| 59 | 59 | | 28potential capital projects, establish a priority listing, and annually announce their decisions |
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| 60 | 60 | | 29publicly. 3 of 3 |
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| 61 | 61 | | 30 8.) The nine (9) members appointed shall be: |
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| 62 | 62 | | 31 8a.) Membership: One (1) by the General Manager of the MBTA; one (1) by the |
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| 63 | 63 | | 32Secretary of Transportation, one (1) by the Governor; one (1) by the State Treasurer; one (1) by |
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| 64 | 64 | | 33the State Auditor; one (1) by the State Senate President; one (1) by the House Speaker; one (1) |
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| 65 | 65 | | 34by the Attorney General; and one (1) by the Governor’s Council. Their terms shall be of five (5) |
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| 66 | 66 | | 35years duration, with one new regular, and renewable appointment, available each year. |
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| 67 | 67 | | 36 8b.) General Purposes: This Capital Projects Approval Board (CPAB), shall have two (2) |
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| 68 | 68 | | 37primary objectives: To decide specific project approvals, and to specifically oversee, all capital |
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| 69 | 69 | | 38projects, during their creation, and subsequent operation. |
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| 70 | 70 | | 39 9.) An Annual Report, publicly available, and generally publicized, shall be issued, |
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| 71 | 71 | | 40detailing the current financial circumstances, and situation of the MTEF Fund, and the decisions |
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| 72 | 72 | | 41made by its Capital Projects Approval Board (CPAB), in its most recently completed year. |
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