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Bill > H935


MA H935

Establishing the Massachusetts infrastructure bank


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to establish the Massachusetts infrastructure bank. Financial Services.

AI Summary

This bill establishes the Massachusetts Infrastructure Bank, a financial institution wholly owned by the Commonwealth of Massachusetts. The bank will be able to accept deposits from public and quasi-public entities, make loans, and issue bonds to increase infrastructure financing options for cities, towns, and state agencies. The bank will be governed by a 9-member board of directors and will receive advisory input from an 11-member board of advisors. The bank will focus on financing capital projects that serve the general public, such as schools, public services, water facilities, and transportation infrastructure. The bank will not compete with private banks or offer retail or commercial products to the general public. The Commonwealth will provide an initial investment of $50 million as equity and deposit an additional $350 million in current cash or cash equivalents to capitalize the bank.

Committee Categories

Business and Industry

Sponsors (15)

Last Action

Accompanied a study order, see H5160 (on 12/01/2020)

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