Bill > S1537

This bill establishes a public safety building authority and assistance program in Massachusetts. The key provisions include: 1. Creating the "Massachusetts Municipal Building Authority" to manage a new "Municipal Building Modernization and Reconstruction Trust Fund" that will be funded by 0.5% of the state's sales tax revenue. 2. Allowing the Authority to use the trust fund to pay for debt service, leases, and grant obligations related to public safety building projects, without further appropriation by the state legislature. 3. Requiring the Authority to certify annually that it has budgeted sufficient funds to meet its debt service and other payment obligations. 4. Allowing the Authority to transfer any excess funds in the trust to the state, subject to certain restrictions. 5. Impressing a trust on the sales tax revenues dedicated to the fund to protect them from being diverted for other purposes, as long as the funds are needed for the Authority's obligations.