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Bill > H3187


MA H3187

MA H3187
Further providing for the financing of certain improvements to municipal roads and bridges


summary

Introduced
03/16/2015
In Committee
03/30/2015
Crossed Over
04/01/2015
Passed
Dead
Signed/Enacted/Adopted
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)

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