Massachusetts 2025-2026 Regular Session

Massachusetts Senate Bill S2406 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 1266 FILED ON: 1/16/2025
3	3	SENATE . . . . . . . . . . . . . . No. 2406
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Jason M. Lewis, (BY REQUEST)
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act to establish a Massachusetts Transportation Endowment Fund (MTEF).
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Vincent Dixon60 Lake St Apt N Winchester MA 01890 1 of 4
16	16	SENATE DOCKET, NO. 1266 FILED ON: 1/16/2025
17	17	SENATE . . . . . . . . . . . . . . No. 2406
18	18	By Mr. Lewis (by request), a petition (accompanied by bill, Senate, No. 2406) of Vincent Dixon,
19	19	for legislation to establish a Massachusetts Transportation Endowment Fund (MTEF).
20	20	Transportation.
21	21	[SIMILAR MATTER FILED IN PREVIOUS SESSION
22	22	SEE SENATE, NO. 2258 OF 2023-2024.]
23	23	The Commonwealth of Massachusetts
24	24	_______________
25	25	In the One Hundred and Ninety-Fourth General Court
26	26	(2025-2026)
27	27	_______________
28	28	An Act to establish a Massachusetts Transportation Endowment Fund (MTEF).
29	29	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
30	30	of the same, as follows:
31	31	1 SECTION 1. The Massachusetts General Laws are hereby amended by inserting the
32	32	2following new chapter:
33	33	3 An Act to Establish a Massachusetts Transportation Endowment Fund (MTEF).
34	34	4 1.) PURPOSES – Massachusetts has been a pioneer in developing, and expanding mass
35	35	5transportation for its population. In doing so, a consistent part of development, includes the
36	36	6continuing capital expenditures needed, to expand, and improve mass transit lines, particularly
37	37	7the fixed rail lines, stations, and other facilities; and resources for such, which often appear
38	38	8weak; or in need of capital upgrading; and/or are non-existent. 2 of 4
39	39	9 2.) Thus, it is important to identify, secure, provide for, and expand sources of capital
40	40	10expenditures, and this Statute, is designed for that purpose.
41	41	11 3.) Each and every year, a sum of not less than $200,000,000, ($200 Million), shall be
42	42	12transferred to a Massachusetts Transportation Endowment Fund (MTEF).
43	43	13 4.) This money, shall become a permanent trust fund, operating as an endowment, with
44	44	14significantly described requirements, and provisions. Income from the fund, may be used, only
45	45	15for capital construction, and improvements, of mass transportation lines, stations, and facilities,
46	46	16and needed additional directly related construction.
47	47	17 5.) Principal amounts, shall become fixed Endowment Principal, together with other
48	48	18specified amounts, to be further described.
49	49	19 6a.) When the fund principal, exceeds $1,000,000,000 ($1 Billion) in Endowment
50	50	20Principal; the formula for use, shall change:
51	51	21 6b.) Half of the annual contribution of $300,000,000 ($300 Million) may be directed to
52	52	22capital expenditures; while $150,000,000 ($150 Million) is directed to increase in the
53	53	23Endowment Principal.
54	54	24 6c.) Half of the annual income, may be utilized for capital expenditures. New non-fare
55	55	25revenues, from businesses on transit properties, shall be apportioned, with half of such revenues
56	56	26going to Operations, and half to the Endowment Principal.
57	57	27 7.) A Capital Project Approval Board (CPAB), of nine (9) members, shall review
58	58	28potential capital projects, establish a priority listing, and annually announce their decisions
59	59	29publicly. 3 of 4
60	60	30 8.) The nine (9) members appointed shall be, the holders of the particular offices listed
61	61	31below; and/or their designees:
62	62	32 8a.) Membership:
63	63	33 One (1) by the General Manager of the MBTA;
64	64	34 One (1) by the Secretary of Transportation,
65	65	35 One (1) by the Governor;
66	66	36 One (1) by the State Treasurer;
67	67	37 One (1) by the State Auditor;
68	68	38 One (1) by the State Senate President;
69	69	39 One (1) by the House Speaker;
70	70	40 One (1) by the Attorney General; and
71	71	41 One (1) by the Governor’s Council.
72	72	42 Their terms shall be of five (5) years duration, with at least one (1) new regular, and
73	73	43renewable appointment, available each year.
74	74	44 8b.) General Purposes: This Capital Projects Approval Board (CPAB), shall have two (2)
75	75	45primary objectives:
76	76	46 1.) To decide specific project approvals; and 4 of 4
77	77	47 2,) To specifically oversee, all capital projects, during their creation, and subsequent
78	78	48operation.
79	79	49 9.) An Annual Report, publicly available, and generally publicized, shall be issued,
80	80	50detailing the current financial circumstances, and situation of the MTEF Fund, and the decisions
81	81	51made by its Capital Projects Approval Board (CPAB), in its most recently completed year.