Bill > S1783

This bill grants the Massachusetts Clean Energy Center (MassCEC) expanded bonding authority, allowing it to borrow money by issuing bonds or notes to fund its purposes, with the repayment secured by assets and funds held by the center, including those in the Massachusetts Renewable Energy Trust Fund. Importantly, these bonds and notes will not be considered a debt of the Commonwealth of Massachusetts or any political subdivision, and will be solely payable from the Renewable Energy Trust Fund. The bill also establishes a "Borrowing Committee," comprised of two appointees from the State Treasurer and the MassCEC's Executive Director, to oversee the issuance of these debt obligations, with limits on the total amount of new debt based on past collections in the Renewable Energy Trust Fund. Proceeds from these bonds cannot be used for the center's operating expenses, and the center is restricted from investing more than ten percent of its outstanding bond proceeds in any single entity or group of commonly controlled entities.