Bill > S2258

This bill establishes a Massachusetts Transportation Endowment Fund (MTEF) to provide a consistent source of capital funding for the expansion and improvement of the state's mass transit system, including fixed rail lines, stations, and other related infrastructure. The key provisions include: 1) A mandatory annual transfer of at least $200 million to the MTEF, which will operate as a permanent endowment fund. 2) The income from the fund can only be used for capital construction and improvements of the mass transportation system. 3) Once the endowment principal exceeds $1 billion, half of the annual contribution can be used for capital expenditures, while the other half is directed to increase the endowment principal. 4) A Capital Project Approval Board (CPAB) of 9 members, appointed by various state officials, will review and prioritize potential capital projects. 5) An annual report will be issued detailing the financial status of the MTEF and the decisions made by the CPAB. The goal of this bill is to ensure a reliable and dedicated source of funding for the ongoing capital needs of Massachusetts' mass transit system, which is critical for the state's transportation infrastructure and economic development.

Transportation and Infrastructure

https://malegislature.gov/Bills/193/S2258