summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
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)
Mike Connolly (D),
Julian Cyr (D),
Sean Garballey (D),
Carlos González (D),
Stephen Hay (D),
Chris Hendricks (D),
Russell Holmes (D),
Mary Keefe (D),
Jack Lewis (D),
Jason Lewis (D),
Jay Livingstone (D),
Denise Provost (D),
Dave Rogers (D),
Lindsay Sabadosa (D),
Tom Stanley (D),
Last Action
Accompanied a study order, see H5160 (on 12/01/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://malegislature.gov/Bills/191/H935 |
Bill | https://malegislature.gov/Bills/191/H935.pdf |
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