Bill > S470

This bill establishes a plan, developed and administered by the Seaport Advisory Council in consultation with the Division of Marine Fisheries, to promote the economic viability and sustainability of commercial fisheries in the Commonwealth. This plan will involve public hearings and aim to balance the continued economic health of the fishing industry with efforts to rebuild fish stocks and maximize their socio-economic benefits, ensuring fairness across different geographic locations and fishing gear types. Funds will be made available through grants, low-interest loans, or other financial assistance for acquiring, upgrading, or maintaining electronic vessel monitoring systems, durable safety equipment, and commercial fishing vessels to improve their viability, sustainability, or safety. Additionally, funds can support research and development of sustainable fishing gear and technology, as well as research into the socio-economic impacts of fishing regulations. The Commonwealth may enter into agreements with educational institutions or non-profit organizations to implement these provisions. To fund these initiatives, the state treasurer is authorized to issue and sell up to $20,000,000 in bonds, designated as "Fisheries Sustainability Act of 2011," with payments to be made from the Fisheries Fund. The governor has the discretion to request these bonds be issued as special obligation bonds, considering various financial and planning factors.