An Act to establish a Massachusetts Transportation Endowment Fund (MTEF)

This bill proposes the creation of the Massachusetts Transportation Endowment Fund to provide a stable source of financing for mass transit capital projects. It mandates an annual transfer of at least $200 million into a permanent trust, where the money can only be used for building and improving rail lines, stations, and related facilities. Once the fund's principal reaches $1 billion, the rules change to allow half of the annual contribution and half of the investment income to be used for construction, while the other half grows the principal. The legislation also establishes a nine-member Capital Project Approval Board composed of state officials to review, prioritize, and oversee these projects, with the board required to publish an annual report on its financial status and decisions.