Bill > H4095

This bill authorizes $200,000,000 in funding for improvements to municipal roads, managed by the Massachusetts Department of Transportation's Highway Division. Cities and towns can receive these funds for construction and reconstruction of municipal ways, provided they follow the department's procedures and can contribute an amount equal to what they receive. The commonwealth will reimburse eligible expenses within 30 days of a city or town submitting a request with certification of incurred costs and completed work. To finance these improvements, the state treasurer will issue bonds, known as the "Municipal Ways Act of 2016," with a maximum term of 30 years, payable by June 30, 2051, and backed by the commonwealth's general obligations. Additionally, any construction contracts funded by this bill must include price adjustment clauses for fuel, asphalt, concrete, and steel, allowing for monthly contract adjustments if the cost of these materials changes by more than 5 percent.