Bill > H3171

This bill establishes the Massachusetts Transportation Infrastructure Revolving Fund Program, creating a "Trust" called the Massachusetts Transportation Facilities and Infrastructure Trust to manage this fund. The Trust, overseen by a board of trustees including the Secretaries of Administration and Finance and Transportation, and the State Treasurer, will provide financial assistance, such as loans and leases, to qualified borrowers for transportation projects. These projects can include highways, transit, and other transportation infrastructure, and can be undertaken by governmental units (like cities and towns) or private entities. The fund will be financed through various sources, including federal grants, state appropriations, loan repayments, and proceeds from bonds issued by the State Treasurer on behalf of the Trust. The bill also outlines the powers and duties of the Trust, including its ability to enter into agreements, secure federal funding, and manage the fund's accounts, such as separate accounts for highway, transit, and rail projects. Additionally, it details the terms for loans and leases, the process for applications, and the security and repayment mechanisms for borrower obligations, including provisions for limited obligations payable solely from project revenues. The bill also amends existing laws to direct certain fees and revenues collected by the Department of Transportation to this new revolving fund.