Bill
Bill > H3187
MA H3187
MA H3187Further providing for the financing of certain improvements to municipal roads and bridges
summary
Introduced
03/16/2015
03/16/2015
In Committee
03/30/2015
03/30/2015
Crossed Over
04/01/2015
04/01/2015
Passed
Dead
Signed/Enacted/Adopted
04/09/2015
04/09/2015
Introduced Session
189th General Court
Bill Summary
Relative to financing improvements to municipal roads and bridges.
AI Summary
This bill authorizes the Commonwealth to issue bonds totaling $200,000,000 to finance improvements to municipal roads and bridges, with the funds being made available to the Massachusetts Department of Transportation (MassDOT) for this purpose. Cities and towns must follow MassDOT's procedures to receive these funds, which will be disbursed after they incur and certify actual expenses for eligible projects. The bill also mandates that construction contracts funded by this act include price adjustment clauses for fuel, asphalt, concrete, and steel, allowing for contract modifications if the monthly cost of these materials changes by more than 5 percent. These bonds will be general obligations of the Commonwealth, payable from the General Fund, and will mature within 30 years, with a final payment deadline of June 30, 2050.
Committee Categories
Budget and Finance, Transportation and Infrastructure
Sponsors (0)
No sponsors listed
Last Action
Signed by the Governor, Chapter 11 of the Acts of 2015 (on 04/09/2015)
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/189/House/H3187 |
| State Bill Page | https://malegislature.gov/Bills/189/H3187 |
| Bill | https://malegislature.gov/Bills/189/H3187.pdf |
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