Code of Massachusetts Regulations
801 CMR - EXECUTIVE OFFICE FOR ADMINISTRATION AND FINANCE
Title 801 CMR 56.00 - Nonprofit Community Hospitals And Nonprofit Community Health Centers Moral Obligation Bond Financing
Section 56.13 - Payments to Replenish the Fund

Universal Citation: 801 MA Code of Regs 801.56

Current through Register 1531, September 27, 2024

(1) To assure the continued operation and solvency of the Agency for carrying out the public purposes of the St.1968, c. 614, §10, as amended by St. 2011, c. 9, § 21, the executive director of the Agency shall annually, on or before December 1st, make and deliver to the A&F Secretary a certificate stating the amount of funds required to restore a Community Hospital and Community Health Center Capital Reserve Fund to an amount equal to the maximum amount of principal and interest maturing or becoming due in any succeeding calendar year on the outstanding moral obligation bonds which are secured by any such fund.

(2) Upon receipt of a certificate under 801 CMR 56.13(1), the A&F Secretary shall take all necessary steps to seek an appropriation equal to the amount indicated by the certificate, and upon approval of this appropriation, shall pay the amount so approved to the agency for deposit to the Fund.

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