Bill > H4133

This bill authorizes the state treasurer to issue and sell bonds totaling $200,000,000, designated as the "Municipal Ways Act of 2016," to finance improvements to municipal roads, specifically for the construction and reconstruction of municipal ways as outlined in state law. These funds will be managed by the Massachusetts Department of Transportation (MassDOT) and will be available in addition to any previously allocated funds for such purposes. Cities and towns receiving these funds must follow MassDOT's procedures and can only appropriate amounts up to what they receive under this act. The bill also mandates that construction contracts funded by this act include price adjustment clauses for fuel, asphalt, concrete, and steel, allowing for monthly adjustments if the cost change for these materials exceeds 5 percent. The bonds issued will be general obligations of the commonwealth, payable within 30 years and no later than June 30, 2051, with interest and principal payments to be made from the General Fund.