Code of Massachusetts Regulations
946 CMR - MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
Title 946 CMR 3.00 - Brownfields Redevelopment Fund
Section 3.08 - Administration and Management of the Fund

Universal Citation: 946 MA Code of Regs 946.3

Current through Register 1537, December 20, 2024

(1) General Provisions.

(a) The Fund shall be maintained as a separate financial and accounting fund of MassDevelopment. All assets of the Fund shall be held in the Fund and shall remain separate from all other funds of MassDevelopment.

(b) 30% of all monies administered from the Fund shall be used to make Grants and Loans to finance Environmental Site Assessments.

(c) All fees collected by MassDevelopment in connection with processing Applications and administering Loans and Grants shall be deposited into the Fund.

(d) The assets of the Fund may be used to reimburse MassDevelopment for any monies MassDevelopment advances in connection with Environmental Site Assessments or Environmental Cleanup Actions prior to the effective date of the Fund, provided the borrower or grant recipient, as the case may be, meets the threshold requirements of M.G.L. c. 463, § 24.

(2) Assets of the Fund. The assets of the Fund shall include, but not be limited to, the following:

(a) proceeds of any and all appropriations and other funds authorized by the general court for the Fund ;

(b) proceeds from any financing transaction capitalizing the Fund;

(c) any and all fees, interest income and debt repayments related to Loans and Grants;

(d) proceeds from the sale of Loans;

(e) proceeds from the sale of any warrants, options, other equity participations, stock or collateral granted the Fund;

(f) any grants or loans, private donations to, or investments in the Fund;

(g) the proceeds of any investment income;

(h) the proceeds of any bonds or other debt instruments issued by MassDevelopment for the purposes of the Fund, net of all costs,

(3) Expenses of the Fund. Any and all expenses, obligations and liabilities of the Fund shall be charged to the Fund, which shall include but not limited to:

(a) all operating and administrative costs of the Fund including expenses incurred by MassDevelopment on behalf of and in furtherance of the purposes and objectives of the Fund;

(b) the payment of obligations associated with Loans and Grants by the Fund;

(c) the contingent liabilities of the Fund.

(4) Accounting Records and Policies. The accounting records of the Fund shall be held and maintained in accordance with generally accepted accounting principles consistently applied and in accordance with the accounting policies of MassDevelopment. The financial statements and records of the Fund shall be subject to an annual audit by an independent certified public accountant as part of the annual audit of the financial statements of MassDevelopment.

(5) Management of the Fund. All funds held by the Fund shall be managed by the Chief Financial Officer of MassDevelopment in accordance with MassDevelopment's internal operating policies and guidelines. All funds held by the Fund and not required for immediate disbursement shall be invested by MassDevelopment in securities that are lawful investments for fiduciaries in the Commonwealth, subject to the investment policy of MassDevelopment and any agreement or agreements governing Loans and Grants.

(6) Loan Portfolio Management. All Loans and Grants made from the Fund shall be managed and overseen by the Portfolio Manager of MassDevelopment in accordance with MassDevelopment's internal operating policies and guidelines.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.