Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately allow the commonwealth to use funds from the Massachusetts Technology Park Corporation's Center Fund to reactivate and modernize the Quincy shipyard, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 2 of chapter 466 of the acts of 1984 is hereby amended by striking out the second paragraph, added by section 302 of chapter 138 of the acts of 1991.

SECTION 2. Notwithstanding the provisions of any general or special law to the contrary, including without limitation clause (k) of section four of chapter forty J of the General Laws, and in anticipation and furtherance of the creation by the Massachusetts Technology Park Corporation, in accordance with the provisions of said chapter forty J and other applicable law, of an advanced materials processing center to be operated by said corporation in conjunction with the Massachusetts Institute of Technology through a technology partnership in support of the reactivation and modernization of the Quincy shipyard and for other public purposes of said corporation, (i) the secretary of administration and finance is hereby authorized to disburse forthwith to the corporation an amount equal to the amount of all or a portion of the remaining balance of funds authorized for the purposes of such center, said amount to be credited upon receipt by said corporation to the Center Fund under the provisions of section five of said chapter forty J, (ii) said corporation shall not expend any portion of said amount, except for investment earnings thereon, for any purpose unless and until a detailed plan therefor has been approved by the secretary of administration and finance as provided in said chapter forty J, (iii) prior to application of said amount by said corporation to the purposes of such center, said corporation shall, at the request of the governor, apply all or a portion of said amount, not to exceed twelve percent of the total amount of federal loan guaranties issued to support the reactivation and modernization of said Quincy shipyard, in a manner which will satisfy the financing account deposit requirements of the Federal Credit Reform Act of 1990 relative to the issuance of federal loan guaranties to support the reactivation and modernization of said Quincy shipyard; provided, however, that all investment earnings on any amount so applied shall be credited to said corporation; provided, further, that all amounts so applied shall be returned to said corporation no later than December thirty-first, nineteen hundred and ninety-seven, and (iv) federal funds granted and federal loan guaranties made in support of the reactivation and modernization of said Quincy shipyard shall be deemed to be received in satisfaction of the matching fund requirements in respect of such center under applicable law; provided, however, that the secretary of administration and finance may enter into agreement, subject to appropriation, making the commonwealth liable for additional amounts for said deposit requirements; and provided, further, that said additional amounts have been appropriated by the commonwealth to be available for that purpose.

SECTION 3. The purposes for which bonds of the commonwealth may be issued under chapter four hundred and sixty-six of the acts of nineteen hundred and eighty-four, including the creation of an advanced materials processing center as aforesaid, are hereby confirmed and not altered or modified by this act. `tuc ENDORSEMENTS FOLLOW ON PAGE 3 `t+99