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2001 Session

Budget Amendments - SB800 (Committee Approved)

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Use of Mass Transit Capital Fund (language only)

Item 518 #2s

Item 518 #2s

Transportation
Rail and Public Transportation, Department of

Language
Page 452, line 3, after "2000"  insert:
", and contingent upon Federal Highway Reimbursement Anticipation Notes being issued for transit projects designated in the Priority Transportation Fund.  In the event that FRANS are not issued for transit projects, the $5,000,000 the first year and $5,000,000 the second year shall be designated for the Public Transit Capital Fund.  The Commonwealth Transportation Board is hereby authorized to allocate these funds as grants or matching funds, including funds used for debt service payments."


Explanation
(This amendment designates $5 million each year to the Priority Transportation Fund for use as debt service payments for Federal Highway Reimbursement Anticipation Notes issued for transit projects. The Priority Transportation Fund can be used for debt service payments. In the event that FRANS are not issued for transit projects, the $5 million each year shall revert to the Public Transit Capital Fund to be used for transit capital projects throughout the state.)