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Form a Business

THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY

M.G.L. pt. Part I, tit. Title II, ch. c. 23G
in effect

M.G.L. c. 23G, § 1 Definitions

c. 23G, § 1. Definitions Section 1. As used in this chapter, the following words shall have the following meanings, unless the context clearly requires otherwise: "Agency'', the Massachusetts Development Finance Agency established pursuant to section 2. "Authority'', an industrial development financing board. "Construction'', means and includes both construction and acquisition and the term "to contract'' means and includes both to construct and acquire. "Board'', the board of directors of the Massachusetts Development Finance Agency. "Bonds'', when used in reference to the Agency, any bonds, notes, debentures, interim certificates, or other financial undertakings for the purpose of raising capital, including, but not limited to, lines of credit, forward purchase agreements, investment agreements and other banking or financial arrangements, issued by or entered into by the Agency pursuant to section 8. "Bonds'', when used in reference to a public body, any bonds, notes or other evidences of indebtedness issued by such public body pursuant to any provision of general or special law heretofore or hereafter enacted authorizing the public body to incur debt. "Community development corporation'' or "CDC'', a community development corporation as defined in section 2 of chapter 40H and certified pursuant to section 2A of said chapter 40H. "Cost of the project'' and "Costs'', the cost of construction, the cost of acquisition of all lands, structures, rights of way, franchises, easements and other property rights and interests and related riparian or water rights, the cost of demolishing, removing or relocating any buildings, structures or utilities on any lands to which such buildings, structures or utilities may be moved or relocated, the cost of all labor, materials, machinery and equipment, financing charges, interest on all bonds prior to and during the carrying out of a project and for a period not exceeding one year after completion thereof, the cost of engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, other expenses necessary or incidental to determining the feasibility or practicability of projects, administrative expenses, reimbursement to the municipality of advances to the authority under section 19, and for planning costs and other preliminary expenses made for the benefit of but prior to the formation of the authority, and such other expenses as may be necessary or incidental to the projects, the financing thereof, placing of the same in operation and the issuance of bonds under this chapter, including but not limited to the establishment and funding of reserves to secure such bonds; provided that, notwithstanding anything in this chapter to the contrary, "cost of the project'' and "costs'' may also include any capital or operating expenditure which may legally be made by any person to which the agency is authorized to provide financing, whether through the issuance of bonds by the agency or otherwise, or any other type of financial assistance, or with respect to any property, whether tangible or intangible, which may be developed or redeveloped by the agency, and may also include any capital or operating expenditure which may legally be made with respect to any property, whether tangible or intangible, for which the agency is authorized to provide financing, whether through the issuance of bonds by the agency or otherwise, or any other type of financial assistance, or which may be developed or redeveloped by the agency. "Current expenses'', the amount of reasonable and necessary current expenses in connection with any project as the same may be more fully defined in the trust agreement relating to a project, and shall in any event include the fees and expenses of the trustee under the trust agreement securing bonds issued to finance such project. "Economic development project'', a project providing public benefits through the establishment, expansion, securing, financing or operating of an industrial, recreational, research and development, commercial or service enterprise or facility, or any parts or combinations thereof, located within or partially within the commonwealth and including, but not limited to, all facilities necessary or desirable in connection therewith or incidental thereto, including provision for working capital. "Equity investments'', (i) investments that result in the agency holding an ownership interest in any company; (ii) a membership interest that constitutes voting rights in a company; (iii) an interest in real estate or other assets; (iv) a grant or loan designated pursuant to a competitive process administered by the agency, provided to governmental subdivisions, community development corporations, community action agencies, for-profit entities, private property owners, nonprofit entrepreneur support organizations and business operators for design, construction or improvement of buildings or real estate to spur economic development; (v) a transaction which in substance falls into any of these categories even though it may be structured as some other form of business transaction, including, but not limited to, a lease of real estate for such duration as the agency deems appropriate in light of the amount of the equity to be invested; and (vi) an equity security; provided, however, that "equity investments'' shall not include any of the foregoing if the interest is taken as security for a loan. "Federal Agency'', the United States of America, the President of the United States of America, and any department of or corporation, Agency or instrumentality heretofore or hereafter created, designated or established by the United States of America. "Financing document'', an instrument entered into by the Agency with one or more other persons pertaining to the issue or securing of bonds or the application to the purposes of the Agency of proceeds of bonds or other funds of the Agency. A financing document may include, but need not be limited to, a lease, installment sale agreement, conditional sale agreement, mortgage, loan agreement, trust agreement, security agreement, letter of credit, reimbursement agreement, or currency or interest rate swap agreement. A financing document may also be an agreement between the Agency and a lending institution which has agreed to make a loan to a user to finance a project. "Gateway municipality'', a gateway municipality as defined in section 3A of chapter 23A. "Governing body'', in a city having a Plan D or Plan E charter the city manager and the city council and in any other city the mayor and city council, and in towns the board of selectmen. "Hospital'', a nonprofit hospital within the commonwealth licensed by the department of public health; or a nonprofit health maintenance organization within the commonwealth licensed by the commissioner of insurance; or an affiliated nonprofit person, which is organized and operated for the benefit of, to perform any of the functions of, or to carry out any of the purposes of a licensed nonprofit hospital or health maintenance organization, including operation of a nursing home, comprehensive gerontology facility or congregate care facility or any other nonprofit charitable person in the commonwealth not otherwise eligible to participate under this chapter; provided, however, that such other nonprofit charitable person may only undertake the financing and construction or acquisition of a project or undertake the financing and construction or acquisition of a project or undertake the refunding or refinancing of obligations or of a mortgage or of advances to the extent that such projects, obligations, mortgages, or advances consist of or result from the purchase of energy or from energy conservation or related projects of such other nonprofit charitable person; and provided further, that such other nonprofit charitable person participates in or is a member of a group power purchasing program organized and administered by or on behalf of the agency. "Improvement'', includes reconstruction, remodeling, rehabilitation, extension, enlargement and "to improve'' includes to reconstruct, to remodel, to rehabilitate, to extend, to enlarge and to improve. "Industrial development facilities'' or "facilities'', facilities used in connection with any industrial, or research and development enterprise or any part thereof, located within or partially within the municipality creating an authority, including any or all buildings, docks, wharves, ships, improvements, additions, extensions, replacements, appurtenances, land, rights in land, riparian rights, water rights, franchises, machinery, equipment, furnishings, landscaping, utilities, approaches, roadways, energy conservation facilities, facilities designed to reduce consumption of petroleum products and other facilities necessary or desirable in connection therewith or incidental thereto, such as, but not limited to, office, warehouse, terminal, transportation and back-up power generating facilities, which facilities need not merely be in connection with or incidental to other facilities if the operation of such facilities themselves is an industrial enterprise. "Industrial enterprise'', an enterprise engaged in applying skill and labor to the giving of new shapes, new qualities or new combinations to matter as material products or to the assembly, processing, preservation, storage, handling or transportation of manufactured or natural products, or to stationary facilities and equipment necessary or useful in connection with railroad operations, including railroad rights of way and all associated tracks and facilities or to the making of works of art by self-employed artists or to the construction, renovation and equipment of a medical diagnostic imaging facility which has been granted a certificate of need in accordance with the provisions of section 25C of chapter 111 or to the construction and renovation of a nursing or convalescent home licensed under the provisions of section 71 of said chapter 111, including renovations for energy conservation purposes or to the operating of a continuing care facility. Industrial enterprise shall also include the operation of a child care center or school age child care program, as those terms are defined in section 1A of chapter 15D. Industrial enterprise shall also include an enterprise primarily or incidentally engaged in cogeneration by means of cogeneration facilities or in production of electric energy by means of small power production facilities. In any city or in a town subject to the provisions of clause (k) of subsection (2) of section 12 of chapter 40D, industrial enterprise shall also include commercial enterprise, which shall mean the conduct of a trade or business. Facilities for the use of governmental and nonprofit entities shall be considered facilities to be used in a commercial enterprise, and bonds may be issued under this chapter to finance costs of such facilities, including such costs paid prior to the authorization of such bonds as the board of directors of the Massachusetts Development Finance Agency, referred to in this chapter as the board, shall approve in connection with the provision of such facilities; and for this purpose the term commercial enterprise shall be read to include the operation of such facilities, but the requirements of clause (e) of subsection (2) of said section 12 of said chapter 40A shall not apply if the board determines that the issuance of the bonds will result in a public benefit; provided, however, that the words "industrial enterprise'' shall also include an institution. For the purposes of this chapter and of said chapter 40D, as applied to the Agency, an institution shall not be deemed to constitute a commercial enterprise. The board shall not be required with respect to an institution to make the findings set forth in clauses (e) and (k) of said subsection (2) of said section 12 of said chapter 40D if the board finds that the issuance of the bonds will result in a public benefit. "Development Finance Insurance Fund'', the fund established pursuant to section 4. "Institution,'' a hospital or a nonprofit person organized to operate a facility or facilities that provide cultural or educational services; provided, however, that nothing in this definition shall be construed to limit the power or authority of the agency to provide financing to a person to which the agency is otherwise authorized to provide financing. "Lending Institution'', any bank or trust company; Federal National Mortgage Association; approved mortgage banker; savings bank; credit union; national banking association; insurance company; financial institution or governmental Agency approved by the Agency to participate in the financing of a project. "Loan'', shall include, but not be limited to, industrial mortgage loans, and may include bonds issued under the provisions of section 8 and under chapter 40D. "Massachusetts Export Finance Fund'', the fund established by section 6. "Massachusetts export finance program'' or "export finance program'', the program established by section 7. [ Definition of "Massachusetts Growth Capital Corporation'' effective until August 5, 2025. For text effective August 5, 2025, see below.] "Massachusetts Growth Capital Corporation'', the Massachusetts Growth Capital Corporation established in chapter 40W, the power, functions, assets and liabilities of which have been merged into the Massachusetts Development Finance Agency. [ Definition of "Massachusetts Growth Capital Corporation'' as amended by 2025, 14, Sec. 10 effective August 5, 2025. For text effective until August 5, 2025, see above.] "Massachusetts Growth Capital Corporation'', the Massachusetts Growth Capital Corporation, the power, functions, assets and liabilities of which have been merged into the Massachusetts Development Finance Agency. "Massachusetts Health and Educational Facilities Authority'', or "HEFA'', the authority established in section 4 of chapter 614 of the acts of 1968. "Micro business'', a business entity with: (i) a principal place of business in the commonwealth; (ii) not more than 10 full-time employees; (iii) annual net profit of not more than $250,000; and (iv) annual revenue not to exceed a threshold amount established by the director of the MOBD, provided that such threshold amount shall be not less than $250,000. "Municipality'', a city or town or, where the context requires, two or more cities or towns joining together to form an authority to carry out industrial development. "Person'', any natural or corporate person, including bodies politic and corporate, public departments, offices, agencies, authorities and political subdivisions of the commonwealth, corporations, trusts, societies, associations, and partnerships and subordinate instrumentalities of any one or more political subdivisions of the commonwealth. "Pollution control facilities'', facilities for the prevention, avoidance, reduction, control, abatement, elimination or monitoring of pollution of air or of waters by any means by industrial enterprises, public utilities or others, including, but not limited to, any air pollution control facility, noise abatement facility, water management facility, thermal pollution control facility, waste water collection system, waste water treatment works, sewage treatment works, sewage treatment system or site, and including any or all property, rights, franchises and facilities necessary or desirable in connection therewith or incidental thereto. "Primary employment'', work which pays at least one and one-half times the minimum wage, as defined in chapter 151 or as established by federal law, whichever is higher, offers adequate fringe benefits including health insurance, and is not seasonal or part-time. "Project'', shall have the meaning set forth in section 1 of chapter 40D and, when used in reference to a financing pursuant to subsection (b) of section 8 of this chapter, shall also include any economic development project, and, when used in reference to a financing pursuant to subsection (c) of said section 8, shall also include any activity for which a public body is authorized to expend funds and shall also include the issuance of tax- exempt debt instruments for working capital and fuel, supplies, or other items, the cost of which are customarily deemed to result in a current operating charge, for any hospital, health maintenance organization, and nursing home which is considered to be an institution according to the definition of "institution'' and for any nursing home for which the Agency is otherwise authorized by law to provide financing; provided, however, that notwithstanding anything in this chapter to the contrary, "project'' may also include any capital or operating expenditure which may legally be made by any person to which the agency is authorized to provide financing, whether through the issuance of bonds by the agency or otherwise, or any other type of financial assistance, or with respect to any property, whether tangible or intangible, which may be developed or redeveloped by the agency, and the property, whether tangible or intangible, produced or acquired by such expenditure, and may also include any property, whether tangible or intangible, which may legally be the subject of financing by the agency, whether through the issuance of bonds by the agency or otherwise, or of any other type of assistance provided by the Agency, or which may be developed or redeveloped by the agency. "Public body'', the commonwealth, and any body politic and corporate of the commonwealth, including any political subdivision or instrumentality thereof, which is empowered to issue bonds secured by a pledge of revenues or other special funds or assets, including any municipality or district for which the issuance of debt is governed or limited by the provisions of chapter 44. "Revenues'', any receipts, fees, rentals or other payments or income received or to be received on account of obligations to the Agency under a financing document including, without limitation, income on account of the leasing, mortgaging, sale or other disposition of a project or proceeds of a loan made by the Agency in connection with any project and also including amounts in reserves or held in other funds or accounts established in connection with the issuance of bonds and the proceeds of any investments thereof, proceeds of foreclosure and any other fees, charges or other income received or receivable by the Agency other than the industrial mortgage established pursuant to section 4 with respect to a project or the financing thereof. "Small business'', a business entity, including its affiliates, that: (i) is independently owned and operated; (ii) has a principal place of business in the commonwealth; and (iii) would be defined as a "small business'' under applicable federal law. "Solid waste disposal facilities'', facilities for the disposal of refuse, garbage and waste or any of the foregoing, by incineration or other means, including any or all property, rights, franchises and facilities necessary or desirable in connection therewith or incidental thereto. Solid waste disposal facilities may include facilities for the manufacture of electricity or steam primarily from solid waste and facilities for the manufacture of electricity from steam produced primarily from solid waste, in either case with pipes, wires, boilers, generators and other equipment incidental thereto. For the purpose of this clause the word "primarily'' shall be deemed to mean not less than 90 per cent net thermal units in normal operation. Solid waste disposal facilities may also include additions and modifications to boiler facilities in existence on January 1, 1978, owned or operated by a public utility, which additions or modifications are necessary or desirable to permit any such boiler facility to burn solid waste or a mix of solid waste and other fuel. "Sponsor'', any person endeavoring to secure the assistance of the Agency or of a local authority in financing a project. "Transformative development'', redevelopment on a scale and character capable of catalyzing significant follow-on private investment, leading over time to transformation of an entire downtown or urban neighborhood, and consistent with local plans. Transformative development may involve major investment in new construction, rehabilitation and adaptive reuse, or multiple smaller investments on a sustained basis. "Trust agreement'', an agreement or indenture securing one or more series of bonds of an authority and complying with the provisions hereof. "User'', one or more persons, other than a public body, a municipality, a public district or a lending institution, acting as lessee, purchaser, mortgagor or borrower who has obtained or is seeking to obtain financing for a project, either from the Agency or from a lending institution which has obtained or is seeking to obtain funds from the Agency to finance a project and may include a party who transfers the right of use and occupancy to another party by lease, sublease or otherwise.

M.G.L. c. 23G, § 2 Creation; directors, officers and employees; termination; trade secrets

c. 23G, § 2. Creation; directors, officers and employees; termination; trade secrets Section 2. (a) There is hereby created a body politic and corporate to be known as the Massachusetts Development Finance Agency. The Agency is hereby constituted a public instrumentality and the exercise by the Agency of the powers conferred by this chapter shall be deemed to be the performance of an essential governmental function. The Agency is hereby placed in the executive office of administration and finance but shall not be subject to the supervision or control of said office or of any board, bureau, department or other agency of the commonwealth except as specifically provided in this chapter. (b) The agency shall be governed and its corporate powers exercised by a board of directors consisting of the secretary of administration and finance or a designee; the secretary of economic development or a designee, who shall serve as chair; and 13 members to be appointed by the governor, 1 of whom shall be experienced in real estate development, 1 of whom shall be experienced in commercial or industrial credit, 1 of whom shall be experienced in mortgage lending, 1 of whom shall be experienced in banking or investment banking, 1 of whom shall be experienced in planning and the redevelopment of environmentally contaminated lands, 1 of whom shall be a representative of organized labor, 1 of whom shall be experienced in community economic development and employed by a CDC or a representative of the Massachusetts Association of Community Development Corporations, 1 of whom shall be a representative of a community bank in the commonwealth, 1 of whom shall be a representative of an organization of small businesses or manufacturing companies in the commonwealth, 1 of whom shall be experienced in small business financing or restructuring and 1 of whom shall be a small business owner. Each member appointed by the governor shall serve for a term of 3 years; provided, however, that of the initial appointed members, 4 shall serve terms of 2 years and 5 shall serve terms of 3 years. A person appointed to fill a vacancy in the office of a member of the board shall be appointed in a like manner and shall serve for only the unexpired term of such member. A member shall be eligible for reappointment. A member may be removed from their appointment by the governor for cause. (c) Eight of the directors shall constitute a quorum and the affirmative vote of a majority of directors present at a duly called meeting where a quorum is present shall be necessary for any action to be taken by the board. Any action required or permitted to be taken at a meeting of the directors may be taken without a meeting if all of the directors consent in writing to such action and such written consents are filed with the records of the minutes of the meetings of the board. Such consents shall be treated for all purposes as a vote at a meeting. The members of the board shall serve without compensation, but each member shall be entitled to reimbursement for his actual and necessary expenses incurred in the performance of his official duties. (d) The provisions of chapter 268A shall apply to all ex-officio directors or their designees and employees of the Agency. The provisions of chapter 268A shall apply to all other directors of the Agency, except that the Agency may purchase from, sell to, borrow from, loan to, contract with or otherwise deal with any person in which any director of the Agency is in any way interested or involved; provided, however, that such interest or involvement is disclosed in advance to the members of the board and recorded in the minutes of the board; and provided further, that no director having such an interest or involvement may participate in any decision of the board relating to such person. Employment by the commonwealth or service in any Agency thereof shall not be deemed to be such an interest or involvement. (e) The executive director of the Agency shall be appointed and his salary established by the board. The executive director shall be the chief executive, administrative and operational officer of the Agency and shall direct and supervise administrative affairs and the general management of the corporation. The executive director may, subject to the general supervision of the board, employ other employees, consultants, agents, including legal counsel, and advisors, and shall attend meetings of the board. (f) Neither the Agency nor any of its officers, agents, employees, consultants or advisors shall be subject to the provisions of sections 9A, 45, 46 and 52 of chapter 30, or to chapter 31, or to chapter 200 of the acts of 1976. (g) The board annually may elect one of its members as vice-chairperson, shall elect a secretary and a treasurer, and may elect or appoint other officers as it may deem necessary, none of whom, other than the vice-chairperson, are required to be members of the board. The secretary shall keep a record of the proceedings of the board and shall be custodian of all books, documents, and papers filed by the board and of its minute book and seal. The secretary shall cause copies to be made of all minutes and other records and documents of the Agency and shall certify that such copies are true copies, and all persons dealing with the Agency may rely upon such certification. The treasurer shall be the chief financial and accounting officer of the Agency and shall be in charge of its funds, books of account and accounting records. (h) All officers and employees of the Agency having access to its cash or negotiable securities shall give bond to the Agency at its expense in such amounts and with such surety as the board may prescribe. The persons required to give bond may be included in one or more blanket or scheduled bonds. (i) Board members and officers who are not compensated employees of the Agency shall not be liable to the commonwealth, to the Agency or to any other person as a result of their activities, whether ministerial or discretionary, as such board members or officers except for willful dishonesty or intentional violations of law. Neither members of the Agency nor any person executing bonds or policies of insurance shall be liable personally thereon or be subject to any personal liability or accountability by reason of the issuance thereof. The board of directors may purchase liability insurance for board members, officers and employees and may indemnify said persons against claims of others. (j) The Agency shall be the successor to the Massachusetts Industrial Finance Agency established under the provisions of chapter 23A and the government land bank established under the provisions of chapter 212 of the acts of 1975. All real estate, property rights, personal property, funds, moneys, revenues, receipts, contract rights or other intangible assets, equipment or other ownership, possessory, or security interests of any kind whatsoever, or any portion thereof held by either said Massachusetts Industrial Finance Agency and said government land bank, including, without limitation, funds previously appropriated by the commonwealth for either said Massachusetts Industrial Finance Agency shall be deemed for record notice and otherwise, as applicable, to belong to the Agency on the same basis and with the same interest as previously held by Massachusetts government land bank or the Massachusetts Industrial Finance Agency, as applicable. Any and all obligations and liabilities of said Massachusetts government land bank and said Massachusetts Industrial Finance Agency shall become obligations and liabilities of the Agency. Any resolution taken by or commitment made by either the Massachusetts government land bank or the Massachusetts Industrial Finance Agency with respect to any financing, including loans, bond issuances, guarantees and insurance and any other action made by either Massachusetts government land bank or the Massachusetts Industrial Finance Agency shall be a resolution, commitment, or action of the Agency. (k) The Massachusetts Development Finance Agency shall continue as long as it shall have bonds or insurance or guarantee commitments outstanding and until its existence is terminated by law. Upon the termination of the existence of the Agency, all right, title and interest in and to all of its assets and all of its obligations, duties, covenants, agreements and obligations shall vest in and be possessed, performed and assumed by the commonwealth as specifically provided in sections 36 to 40, inclusive. [ Subsection (l) effective until August 5, 2025. For text effective August 5, 2025, see below.] (l) The agency shall be the successor to the Massachusetts Growth Capital Corporation, previously established in section 2 of chapter 40W. All real estate, property rights, personal property, funds, moneys, revenues, receipts, contract rights and other intangible assets, equipment and any other ownership, possessory or security interests of any kind whatsoever, or any portion thereof, held by the Massachusetts Growth Capital Corporation including, but not limited to, funds previously appropriated by the commonwealth for the Massachusetts Growth Capital Corporation, shall be deemed for record notice and otherwise, as applicable, to belong to the agency on the same basis and with the same interest as previously held by the Massachusetts Growth Capital Corporation. All obligations and liabilities of said Massachusetts Growth Capital Corporation shall become obligations and liabilities of the Agency. Any resolution taken by or commitment made by the Massachusetts Growth Capital Corporation with respect to any financing, including loans, bond issuances, guarantees and insurance and any other action made by the Massachusetts Growth Capital Corporation shall be a resolution, commitment or action of the agency. [ Subsection (l) as amended by 2025, 14, Sec. 11 effective August 5, 2025. For text effective until August 5, 2025, see above.] (l) The agency shall be the successor to the Massachusetts Growth Capital Corporation. All real estate, property rights, personal property, funds, moneys, revenues, receipts, contract rights and other intangible assets, equipment and any other ownership, possessory or security interests of any kind whatsoever, or any portion thereof, held by the Massachusetts Growth Capital Corporation including, but not limited to, funds previously appropriated by the commonwealth for the Massachusetts Growth Capital Corporation, shall be deemed for record notice and otherwise, as applicable, to belong to the agency on the same basis and with the same interest as previously held by the Massachusetts Growth Capital Corporation. All obligations and liabilities of said Massachusetts Growth Capital Corporation shall become obligations and liabilities of the Agency. Any resolution taken by or commitment made by the Massachusetts Growth Capital Corporation with respect to any financing, including loans, bond issuances, guarantees and insurance and any other action made by the Massachusetts Growth Capital Corporation shall be a resolution, commitment or action of the agency. [ Subsection (m) effective until August 5, 2025. Deleted by 2025, 14, Sec. 12.] (m) The Massachusetts Growth Capital Corporation shall continue as long as it shall have bonds or insurance or guarantee commitments outstanding and until its existence is terminated by law. Upon the termination of the existence of the agency, all right, title and interest in and to all of its assets and all of its obligations, duties, covenants and agreements shall vest in and be possessed, performed and assumed by the commonwealth. (n) Any documentary materials or data made or received by any member or employee of the Agency and consisting of, or to the extent that such materials or data consist of, trade secrets or commercial or financial information regarding the operation of any business conducted by an applicant for any form of assistance that the agency is authorized to render or regarding the competitive position of such applicant in a particular field of endeavor, shall not be deemed public records of the agency and shall not be subject to section 10 of chapter 66. Any discussion or consideration of such trade secrets or commercial or financial information may be held by the board in executive sessions but the purpose of any such executive session shall be set forth in the official minutes of the agency, and no business that is not directly related to such purpose shall be transacted nor shall any vote be taken during such executive session.

M.G.L. c. 23G, § 3 Powers

c. 23G, § 3. Powers Section 3. (a) The Agency shall have all powers necessary or convenient to carry out and effectuate its purposes, including, without limiting the generality of the foregoing, the powers: (1) to adopt and amend bylaws, regulations and procedures for the governance of its affairs and the conduct of its business without regard to chapter 30A; (2) to adopt an official seal; (3) to sue and be sued, to prosecute and defend actions relating to its properties and affairs, and to be liable in tort in the same manner as a private person; provided however, that the Agency is not authorized to become a debtor under the United States Bankruptcy Code; (4) to appoint officers and employees and to engage consultants, agents and advisors; (5) to enter into contracts and agreements and execute all instruments necessary or convenient thereto for accomplishing the purposes of this chapter; such contracts and agreements may include, without limiting the foregoing, construction agreements, purchase or acquisition agreements, loan or lease agreements including agreements conditioned upon the subleasing of the demised premises, partnership agreements including limited partnership agreements, joint ventures, participation agreements or loan agreements with leasing corporations or other financial institutions or intermediaries, and agreements with one or more persons for the servicing of loans made by the Agency including the receipt by such servicer of payments made by a user under a financing document. Any such payments shall constitute trust funds to be held and applied solely as provided in such agreement for the servicing of loans, shall constitute pledged funds of the Agency and shall be entitled to the same protection when received by a person for the servicing of loans, without the need for filing and recording of the servicing agreement under the provisions of chapter 106 or otherwise except in the records of the Agency, as is afforded to funds received by an issuer and pledged to a trustee under section 14 of chapter 40D. (6) to acquire real and personal property, or any interest in real or personal property, by gift, purchase, transfer, foreclosure, lease or otherwise including rights or easements; to hold, sell, assign, lease, encumber, mortgage or otherwise dispose of any real or personal property, or any interest therein, or mortgage any interest owned by it or under its control, custody or in its possession; to release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, including any equity or right of redemption in property foreclosed by it; to take assignments of leases and rentals, proceed with foreclosure actions, or take any other actions necessary or incidental to the performance of its corporate purposes; (7) to invest any funds held in reserves or sinking funds, or in the Development Finance Insurance Fund, or any funds not required for immediate disbursement, in such investments as may be provided in any financing document relating to the use of such funds, or, if not so provided, as the board may determine; (8) to appear in its own behalf before boards, commissions, departments or other agencies of municipal, state or federal government; (9) to obtain insurance; (10) to apply for and accept subventions, grants, loans, advances and contributions from any source of money, property, labor or other things of value, to be held, used and applied for its corporate purposes; (11) to borrow money, issue bonds and apply the proceeds thereof as provided in section 8, in order to implement the purposes of this chapter and, without limiting the generality of the foregoing, to augment the means of securing financing authorized by law for or otherwise available to public bodies and other users; (12) to lend money to and to acquire or hold obligations issued by public bodies or other users at such prices and in such manner as the Agency shall deem advisable and sell such bonds acquired or held by it at prices without relation to cost and in such manner as the Agency shall deem advisable and to secure its own issues of bonds with such obligations held by it, all as provided in section 8; (13) to administer federally-insured pollution control loan guaranty programs; (14) to plan, acquire or lease on a temporary basis facilities and to provide for the construction, reconstruction, improvement, alteration or repair of any facility or part thereof; (15) to provide and pay for such advisory services and technical assistance as may be necessary or desired to carry out the purposes of this chapter; (16) to establish and collect such fees and charges as the Agency without appropriation shall determine to be reasonable; and to receive and apply revenues from fees and charges to the purposes of the Agency or allotment by the commonwealth or any political subdivision thereof; provided, however, that the agency shall publish and disseminate through its website each fiscal year a schedule of fees or a methodology for determining fees to be charged to institutions under this chapter, which shall result in similar charges for similarly-situated projects, regardless of the size of the participating institution. Before promulgating such schedule, the agency shall hold at least 1 public hearing under section 2 of chapter 30A; (17) to make loans to any person for the acquisition, construction, alteration, or any combination thereof, or other financing of a project, including but not limited to loans to lending institutions under terms and conditions requiring the proceeds of such loans to be used by such lending institutions for the making of loans to users for qualified projects; (18) to give assistance to local authorities, public bodies and sponsors through the providing of information, guidelines and suggested forms and procedures for implementing their financing programs; (19) to prepare, publish and distribute, with or without charge, as the Agency may determine, such studies, reports and bulletins and other material as the Agency deems appropriate; (20) to exercise any other powers of a corporation organized under chapter 156B; and (21) to do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly granted in this chapter; provided, however, that nothing herein shall be construed to authorize the Agency to engage directly in the business of a manufacturing, industrial, real estate development or non-governmental service enterprise; and (22) to issue electric rate reduction bonds, as defined in section 1H of chapter 164, for the benefit of any electric company, as defined in section 1 of said chapter 164, determined to be eligible for said bond financing by the department of telecommunications and energy pursuant to said chapter 164. Such electric rate reduction bonds shall constitute "bonds'' for purposes of subsections (d) to (k), inclusive, of section 8 and of section 9. (23) in addition to the powers specified in clause (6), take possession and manage on behalf of the commonwealth or acquire on its own behalf lands, improvements thereon, and related personal property, hereinafter called lands, or an interest therein, (1) from the United States, which lands, or interest therein, were used for Westover Air Force Base, the Chelsea Naval Hospital, or the Boston Naval Shipyard, including the South Boston Annex, the Boston Army Base and all other lands owned by the United States and used in connection with or for purposes related to the operations of the Boston Naval Shipyard or the Boston Army Base, subject to such restrictions as may be imposed on such acquisition by the United States, and including, without limitation, any other property of the United States lying within the commonwealth and declared surplus by the United States, subject to such restrictions as may be imposed on such acquisition by the United States, hereinafter called the federal surplus lands; (2) from the commonwealth any lands which have been determined to be surplus to direct public uses by the commonwealth or by public agencies, hereinafter called state surplus lands; (3) lands declared decadent, substandard or blighted open areas by the Agency, which lands shall include, but not be limited to areas that are of such a character that they are in essence detrimental to the safety, health, morals, welfare or sound growth of the community in which they are situated because fluctuations in the real estate market, a substantial change in business and economic conditions or practices or the high-risk nature of newly emerging businesses and technologies have rendered the sale or efficient use of existing, new or renovated buildings or facilities thereon impractical without the aids provided herein, or because of an abandonment or cessation of a previous use thereon or the abandonment or cessation of work on improvements, facilities or buildings begun thereon but not feasible to complete or sell without the aids provided herein, or because of the inability of certain businesses and emerging technologies to receive private financing due to the high-risk nature of these businesses and technologies or due to changes in business and economic conditions, or because of any combination of foregoing reasons or other conditions not being remedied by the ordinary operations of private enterprise, hereinafter called blighted lands; and (4) lands declared appropriate by the Agency for the establishment, development, improvement, redevelopment, stabilization, operation or maintenance of small business incubator facilities, including, without limitation, existing small business incubator facilities, hereinafter called incubator development lands and from the United States, lands that were used for Fort Devens or a portion thereof. (24) engage accountants, architects, attorneys, engineers, planners, real estate experts and other consultants as may be necessary in its judgment to carry out the purposes of this act and fix their compensation; (25) take any actions necessary or convenient to the exercise of any power or the discharge of any duty provided for by this act; (26) in addition to the powers specified in clause (6), clear and improve property acquired or held by it and engage in or contract for the construction, reconstruction, demolition, development, redevelopment, rehabilitation, remodeling, alteration or repair thereof; (27) in addition to the powers specified in clause (6), prior or subsequent to taking possession of or acquiring such lands hold, protect, improve, manage, operate, maintain, repair and use such lands, or any interest therein, as it deems necessary or desirable to facilitate acquisition, disposition, management, operation, development or redevelopment of such lands, or any interest therein. (28) in addition to the powers specified in clause (6), dispose of such lands, or any interest therein, by sale, lease or otherwise as provided by this act; (29) in addition to any other power it has to make loans, provide guarantees or mortgage insurance or otherwise provide credit, make and administer loans, provide credit enhancement whether by loan guaranties, letters of credit, insurance or otherwise, and grants of its funds to persons, including without limitation governmental agencies and instrumentalities, and sell participations in said loans or purchase participations in the loans of others, for the acquisition, development, redevelopment, improvement or use of lands described in clause (23), for the construction, rehabilitation, improvement, demolition or maintenance of buildings thereon, for the acquisition, establishment, development, redevelopment, stabilization, management, improvement, maintenance or operation of small business incubator facilities thereon, including, without limitation existing small business incubator facilities, for funding of operating and replacement reserves for such small business incubator facilities, for the capitalization or stabilization of present or future occupants of such small business incubator facilities, and for any other use or purpose necessary or convenient for carrying out the powers expressly granted by this act, on such terms as the Agency may determine to be necessary and consistent with the provisions of this act; provided, however, that any new building construction for a small business incubator facility shall only be considered after exhausting all available alternatives of redevelopment, stabilization and improvement of existing blighted, decadent, distressed and substandard properties. (30) borrow money by issuance of its debt obligations as provided in section 29; (31) enter into agreements or other transactions with any person, including without limitation any public entity or other governmental instrumentality or Agency in connection with its powers and duties under this chapter. (32) in addition to any other power it has hereunder to make loans, provide guarantees or mortgage insurance or otherwise provide credit make or administer loans of funds of other public entities for purposes not inconsistent with the purposes of this act. (33) in addition to such other powers to own stock or warrants that may be provided hereunder, acquire stock and options or warrants for the purchase of stock in businesses or other public or private entities that are or will be located in a small business incubator facility and sell such stock, options or warrants provided, however, that the Agency shall not acquire more than 49 per cent of the stock of any such business or entity. (34) to make loans, including working capital and contract based loans, provide guarantees, loan insurance or reinsurance or otherwise provide financing or credit enhancing devices for the operation of companies which have a principal place of business in the commonwealth including, but not limited to, loans to lending institutions under terms and conditions requiring the proceeds of such loans to be used by such lending institutions for the making of loans for the operation of companies; (35) to contract or enter into agreements, licenses and easements, with municipalities, the federal government, any agency thereof or any other person or entity including, but not limited to, the commonwealth or any public agencies thereof, regional entities and utility companies, to provide utility services including, but not limited to, electricity, gas, cable television, broadband and telephone services and to acquire, construct, maintain and operate any such systems for utility services; [ Clause (36) of subsection (a) effective until August 5, 2025. For text effective August 5, 2025, see below.] (36) to borrow money by the issuance of debt obligations whether tax exempt or taxable and secure such obligations by the pledge of its revenues or the revenues, mortgages and notes of others; provided, however, that the corporation shall not issue debt obligations pursuant to this clause if the principal amount of those debt obligations, when added to the principal amount of existing debt obligations issued by the corporation under this clause, excluding debt obligations previously refunded or to be refunded by the corporation, would exceed $30,000,000; [ Clause (36) of subsection (a) as amended by 2025, 14, Sec. 13 effective August 5, 2025. For text effective until August 5, 2025, see above.] (36) to borrow money by the issuance of debt obligations whether tax exempt or taxable and secure such obligations by the pledge of its revenues or the revenues, mortgages and notes of others; (37) to consent, subject to any contract with noteholders or bondholders, whenever it deems necessary or desirable to implement this chapter, to the modification, with respect to rate of interest, time of payment of an installment of principal or interest, or other terms, of a mortgage, mortgage loan, mortgage loan commitment, contract or other agreement to which the agency is a party; (38) to create, issue, buy and sell stock and other capital participation instruments, hold such stock and capital participation instruments and underwrite the creation of a capital market for these securities; (39) to provide advisory services, technical assistance and training programs to small businesses as may be necessary or desirable to carry out this chapter; (40) to create and issue shares that a person, firm or corporation may purchase; provided, however, that each share issued shall be in the form of non-voting common stock with each share having a par value of $10; provided, however, that the total value of the shares issued shall not exceed $25,000,000; (41) to make loans or grants to, or otherwise finance or invest in, a business to further the purposes of this chapter; provided, however, that such loans or grants may be made to certified community development corporations or other community based nonprofit entities for the purpose of such corporations or entities providing financing to businesses; (42) to provide loan guarantees to public or private entities for the purpose of causing such entities to provide financing to a business; and (43) to require, by contract in a financing agreement, or otherwise, specific operational activities, financial actions or management changes, as conditions for the receipt of a loan, financing or investment by the corporation. No debt obligation issued under clause (36), no stock or capital participation instrument created under clause (38) and no share issued under clause (40) by the agency shall be or become an indebtedness or obligation of the commonwealth and shall be plainly stated on the face of each bond, capital participation instrument, share or other evidence of indebtedness that it does not constitute an indebtedness or obligation of the commonwealth and is payable solely from the revenues or income of the agency. Notwithstanding any other provision of this chapter, the Agency shall not be authorized or empowered: [ Clause (i), of the second paragraph, of subsection (a) effective until August 5, 2025. For text effective August 5, 2025, see below.] (i) to emit bills of credit or accept deposits of money for time or demand deposit, to administer trusts, to engage in any form or manner in, or in the conduct of, any private or commercial banking business, or to act as a savings bank or savings and loan association; [ Clause (i), of the second paragraph, of subsection (a) as amended by 2025, 14, Sec. 14 effective August 5, 2025. For text effective until August 5, 2025, see above.] (i) to emit bills of credit or accept deposits of money for time or demand deposit, to engage in any form or manner in, or in the conduct of, any private or commercial banking business, or to act as a savings bank or savings and loan association; (ii) to be or to constitute a bank or trust company within the jurisdiction or under the control of the department of banking and insurance of the commonwealth, or the commissioner thereof, the comptroller of the currency of the United States of America or the treasury department thereof; or (iii) to be or constitute a bank, banker or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange or securities dealers' law of the United States of America or the commonwealth. The terms "maintain'', "maintaining'' and "maintenance'' wherever the same are used in this chapter shall include but not be limited to the demolition of improvements on lands acquired by the Agency where such demolition is determined by the Agency to contribute to the reduction or to avoid the likelihood of increase of the expense of maintaining or repairing such lands, and to be consistent with disposition of such lands as provided by this chapter. [ There is no subsection (b).]

M.G.L. c. 23G, § 4 Development Finance Insurance Fund

c. 23G, § 4. Development Finance Insurance Fund Section 4. There is hereby established a Development Finance Insurance Fund to which shall be credited all premiums received by the Agency for insurance or reinsurance provided by it under this section and section 5 and not payable for reinsurance or insurance provided by other insurers, any other sums realized by the Agency pursuant to its industrial mortgage loan insurance agreements or related financing documents related to said fund, whether by way of subrogation or otherwise, any state appropriations or other monies made available to the fund and funds from the Industrial Mortgage Insurance Fund established under the provisions of section 33 of chapter 23A. The fund shall be held in the custody of one or more banks or trust companies having a principal place of business in the commonwealth. The fund shall be held for the security of the holders of industrial mortgage loans or reserves or portions thereof insured under section 34, either as a single fund for all such holders or, subject to the rights of the holders of such loans so insured on November 15, 1983, in such separate funds for the holders of such loans, reserves or portions thereof as the Agency may determine. If any fund is established which is separate from that in existence on November 15, 1983, the holders of insured loans secured by such existing fund on November 15, 1983 and the holders of insured loans, reserves or portions thereof secured by such separate fund shall be secured by such existing fund and such separate fund pro-rata, without preference or priority; but the holders of insured loans, reserves or portions thereof secured by a separate fund established after November 15, 1983 shall not be secured by any other such separate fund unless the documents governing such separate fund otherwise provide. The Development Finance Insurance Fund or funds shall be governed by one or more trust agreements entered into by the Agency with the trustees. Each trust agreement may contain provisions and limitations, which need not be uniform, as to the investment and disbursement of monies in the fund or funds to which it applies, the payment of expenses of such funds, the appointment, resignation and discharge of trustees, the delegation of enforcement and collection powers under the insurance agreements to the trustees, the duties of the trustees, amendments of the trust agreement and such other lawful provisions and limitations as may be deemed appropriate. Unless otherwise provided in the trust agreement applicable to any such fund, income earned by such funds may be used for the purposes of the Agency. Without limiting the foregoing but subject to the pro-rata rights of holders of loans insured on November 15, 1983, such trust agreement may require Agency findings and loan criteria in addition to or stricter than those required by section 5; may limit the amount and characteristics of insured loans, reserves or portions thereof to be secured by a fund or funds; may authorize, restrict or prohibit disbursement of monies in the fund or funds for costs of enforcing or preserving the mortgage security under the applicable financing documents, for costs of stop-loss or similar insurance to protect the fund or funds, or for other costs the Agency considers appropriate to maintain the integrity of the fund or funds; may require income earned by the fund or funds to be retained for the benefit of the fund; may provide additional security for holders of particular loans, reserves or portions thereof; and may determine the order in which claims, costs and expenses or categories thereof will be paid from the fund or funds. The trust agreement may pledge premiums and other monies which are to be deposited in the fund or funds. Such pledge shall be valid and binding from the time when the pledge is made. The premiums and other monies so pledged and thereafter received by the fund or funds or on its or their behalf by the trustees shall immediately be subject to the lien of such pledge and shall be valid and binding as against all parties having claims of any kind against the fund or funds, irrespective of whether such parties have notice thereof. No filing need be made under the provisions of chapter 106. Whenever the Agency issues bonds any part of the proceeds of which are used to finance insured loans, reserves or portions thereof, all provisions and limitations which may be contained in a trust agreement governing the Development Finance Insurance Fund or funds may instead or in addition be contained in the resolution or trust agreement securing such bonds, without the need for any filing under the provisions of said chapter 106. Subject to the provisions of the trust agreement securing the same, any holder of the bonds of the Agency the proceeds of which were used to finance the insured loans, and the trustee under any trust agreement securing such bonds shall have the right to bring suit to require the application of any amounts in the Development Finance Insurance Fund in accordance with the provisions of this section or of the trust agreement, including, but not limited to, appointment of a receiver for said Development Finance Insurance Fund or any fund held thereunder.

M.G.L. c. 23G, § 5 Insurance or reinsurance of loans; rates; approval of loan

c. 23G, § 5. Insurance or reinsurance of loans; rates; approval of loan Section 5. (a) In furtherance of the purposes of the fund established pursuant to section 4, the Agency is, in addition to the powers granted under section 2, is also empowered: (1) to provide insurance or reinsurance of loans or portions thereof, or their debt service, including amounts payable as premiums or penalties in the event of mandatory or optional prepayment, made to finance the acquisition, construction, rehabilitation or alteration, or any combination thereof, of industrial development facilities, pollution control facilities, and solid waste disposal facilities, and to provide insurance or reinsurance or reserves or portions thereof, or the yield therefrom, established to secure bonds issued to fund such loans or reserves; (2) to enter into or arrange agreements for such insurance or reinsurance with users, mortgagors, lending institutions, insurers or others, the Agency being authorized to reinsure or cede risks to such insurers in such amounts as the Agency may determine and such insurers, if otherwise authorized to reinsure or insure such risks in the commonwealth, being hereby authorized to reinsure the Agency or cede risks to the Agency to the same extent as if the Agency were a company, as defined in chapter 175, authorized under that chapter to reinsure or insure such risks; (3) to fix a rate or rates of premium for such insurance or reinsurance, which need not be uniform and may reflect such risks and classifications of risk as the Agency determines to be reasonable; and (4) to exercise such other powers as are necessary or incidental to the foregoing, including without limitation making conditional or unconditional commitments for such insurance or reinsurance, authorizing such commitments to be pledged or assigned as security for financing and setting appropriate fees therefor. (b) The insurance and reinsurance provided by the Agency shall not be subject to the provisions of chapter 175, or any successor thereto, shall be payable solely from the Development Finance Insurance Fund established by section 4 and shall not constitute a debt or pledge of the faith and credit of the commonwealth or of any subdivision thereof. (c) The board shall not approve the insurance or reinsurance of a loan unless it makes the following findings prior to the disbursement of the proceeds of a loan to a user or mortgagor: (1) that the loan is to be secured by a mortgage or security interest in real or personal property, or a combination thereof, deemed satisfactory to the board. (2) that the mortgagor and mortgagee are responsible parties; (3) that if not occupied by the user or mortgagor, the project or projects will, or are likely to be, occupied by a responsible party or parties; (4) that the provisions of the mortgage loan are reasonable and proper, and in making such determination the board may take into account such factors as it deems relevant including, without limitation, the provisions for maintaining, insuring and repairing the project by the mortgagor and the remedies of the board upon default of the mortgagor; (5) that the project will provide or retain employment having a reasonable relationship to the principal amount of loans to be insured therefor, taking into account, among other things, the investment per employee of comparable industrial development facilities; (6) that adequate provision is being or will be made to meet any increased demand upon community public facilities that might result from the project; (7) that the size and scope of the project is such that a definite benefit to the economy of the commonwealth may reasonably be expected to result from the construction or improvement thereof; and the employment created shall be substantially primary employment; (8) that the principal amount of the loan, excluding any portion thereof the proceeds of which are to fund reserves and disregarding any other funds or other arrangements obtained for reserve purposes, does not exceed the value of the sum of all assets securing the loan as determined by the agency. (9) that the duration of the loan shall not exceed 30 years on an industrial development facility exclusive of machinery and equipment and 15 years on machinery and equipment; and that the authorization provisions are satisfactory to the board; (10) that the insurance or loan agreement provides for subrogation on terms satisfactory to the board upon payment of insured debt service from the fund; (11) that the public interest is adequately protected by the terms of the loan and of the insurance agreement; (12) that with respect to all loans on account of a project or projects for any one user or mortgagor, excluding any portions of loans the proceeds of which are to fund reserves and disregarding any other funds or other arrangements obtained for reserve purposes, the debt service or portion thereof including amounts payable as premiums or penalties in the event of mandatory or optional prepayment insured or reinsured by the Agency and not reinsured or insured by other insurers coming due in any one calendar year does not exceed 20 per cent of the amount in the particular fund or funds in the Development Finance Insurance Fund securing such loans when the finding is made; and (13) that the balance of all loans or portions thereof, excluding portions of loans the proceeds of which are to fund reserves and disregarding any other funds or other arrangements obtained for reserve purposes, insured or reinsured by the Agency and not reinsured or insured by other insurers does not exceed nine times the amount in the Development Finance Insurance Fund when the finding is made. In addition to the foregoing, the board shall not authorize insurance of a loan for pollution control facilities unless it makes the finding which the finance board is required to make under paragraph (b) of section 22 of chapter 40D. The board shall consult with the appropriate local and regional planning agencies to ascertain the relationship of a proposed project to any existing local or regional comprehensive plan; that, so far as feasible, the project is to be located in an area of generally high unemployment; and that employment opportunities will become available to the residents of such area. As used in this section, the terms ''industrial development facilities'' or ''facilities'' shall, unless the context requires otherwise, mean facilities used in connection with any industrial enterprises, recreation or research and development enterprises or parts thereof, including any or all buildings, docks, wharves, improvements, additions, extensions, replacements, appurtenances, lands, rights in land, riparian rights, water rights, franchises, machinery, equipment, furnishings, landscaping, utilities, approaches, roadways, pollution control facilities and other facilities necessary or desirable in connection therewith or incidental thereto, such as, but not limited to, office, warehouse, terminal, transportation and backup power generating facilities, and solid waste disposal facilities. Any insurance or reinsurance provided by the Agency under this section shall be conclusive evidence that the board has made such determinations and findings, has given such approvals and has reached such conclusions as are a prerequisite to providing such insurance or reinsurance and the validity of such insurance or reinsurance shall be incontestable except for fraud or misrepresentation on the part of the mortgagor or user.

M.G.L. c. 23G, § 6 Massachusetts Export Development Fund

c. 23G, § 6. Massachusetts Export Development Fund Section 6. (a) There is hereby established within the Agency the Massachusetts Export Development Fund, referred to in this section and section 7 as the fund and which shall be the successor to the Massachusetts Export Finance Fund. Said Massachusetts Export Development Fund shall receive state, federal, and private monies and the return from investment generated thereby, and allocate the same for the purposes of the export finance program. Said fund shall consist of a separate account or accounts segregated from other Agency funds and to which shall be credited any state appropriation or funding from any other source, public or private, which may be made available to the fund. Notwithstanding the provisions of any general or special law to the contrary, the Agency shall utilize the fund, and be empowered to so utilize the fund, as provided in section 7. (b) The liabilities or obligations of the Agency for any insurance, co-insurance or loan guarantees made pursuant to the Massachusetts export finance program, shall not extend beyond the funds which are allocated and deposited in the fund and shall not constitute a debt or pledge of the faith and credit of the commonwealth or of any subdivision thereof. (c) Those monies which are deposited in the fund, pending allocation as provided in this section, may be invested in securities issued by the Treasury of the United States government or the government of the commonwealth. Returns from such investments shall be deposited in the fund and shall be used to support loan guarantees, insurance, and co-insurance as provided in section 7 and to defray the administrative and operational costs of the Massachusetts export finance program. (d) The monies in the fund shall be paid out by the treasurer of the Agency in furtherance of the purposes of this section and section 7.

M.G.L. c. 23G, § 7 Massachusetts export development program; insurance, co-insurance and loan guarantees

c. 23G, § 7. Massachusetts export development program; insurance, co-insurance and loan guarantees Section 7. (a) There is hereby established within the Agency the Massachusetts export development program, successor to the Massachusetts export finance program, to expand employment and income opportunities through increased exports of Massachusetts goods and services by providing actual and potential Massachusetts exporters, including in particular small and medium-sized exporters, with insurance, co-insurance, loan guarantees, and information and technical assistance on export opportunities and exporting techniques in support of increased export transactions. (b) The Agency shall utilize the Massachusetts Export Development Fund, other than as permitted in subsection (c) of section 6, solely to insure, co- insure and guarantee loans related to export transactions, and to make extensions of the same, made pursuant to the provisions of this section and detailed regulations adopted by the board; provided, however, that the Agency shall make no reservation, encumbrance, or disbursement from the fund unless and until said regulations have been reviewed and approved in writing by the secretary of economic affairs. Any determination to insure, co- insure and guarantee loans, or to make an extension of the same pursuant to this section, shall be made by the board. (c) The Agency may charge fees to defray the operating expenses of the export finance program. The amount of the fees shall be determined by the board. (d) Loan guarantees and insured export transactions shall be secured by no less than a 30 per cent reserve in the fund. The board may elect to require a higher reserve. The regulations adopted by the board as provided in subsection (b) shall include provisions regarding the terms and limits for loan guarantees to be secured by the fund; provided, however, that in no instance shall a loan guarantee secured by the fund exceed either of the following: (1) 70 per cent of the required financing or (2) $1,000,000. (e) The Agency shall make no affirmative determination to insure, co-insure or guarantee any loan or any extension of the same to be secured by the fund unless and until the board has made the following findings of fact, to be incorporated in the formal records of its proceedings: (1) that borrowers have a minimum equity interest in the business as determined by the board; (2) that the proposed loan guarantees, insurance and coinsurance will be extended to companies that export goods and services produced primarily in Massachusetts or to companies which export goods and services and which have their principal place of business in Massachusetts; (3) there exists adequate collateral or security agreements to ensure the full repayment of loan guarantees and solvency of any insurance or co-insurance program extended under this chapter and to assist in evaluating the program; (4) that, to the extent possible, said loan guarantee or insurance or coinsurance is such that a definite benefit to the economy of the commonwealth may reasonably be expected therefrom; and (5) that financing assistance secured by the fund shall only be extended in one or both of the following circumstances: (i) as part of a governmental match which may be required to secure participation of Massachusetts firms in federal, state, or private financing programs; (ii) if adequate financing assistance is not readily available from public or private sources in a timely manner. (f) In administering the fund and the export finance program, the Agency shall coordinate to the maximum extent possible with the programs and goals of the United States Export-Import Bank, the International Trade Administration of the United States Department of Commerce, the Foreign Credit Insurance Association, the Massachusetts trade office and other private and public programs, designed to provide export assistance and export-related financing; and assemble, publish, and disseminate information to Massachusetts exporters on export opportunities, techniques of exporting, sources of public and private export assistance, and sources of export-related financing. (g) No company shall be eligible for a loan guarantee under this section until it complies with the terms of this section. (h) The Agency shall, prior to making any loan guarantee pursuant to this section comply with the following requirements: (1) develop or distribute written materials and other information it believes appropriate to familiarize any company interested in exporting with how to enter the export market; (2) to distribute said materials and information, the Agency shall present a series of seminars throughout the commonwealth; and, (3) a loan guarantee may only be offered to a company which has attended at least one seminar within one year prior to its application. (i) Nothing contained in this section shall be deemed to be a pledge of the credit of the commonwealth.

M.G.L. c. 23G, § 8 Issuance of bonds; bond reserve fund

c. 23G, § 8. Issuance of bonds; bond reserve fund Section 8. (a) The Agency may finance industrial development facilities and pollution control facilities and waste disposal facilities and exercise the powers of an industrial development financing authority under the provisions of chapter 40D throughout the commonwealth and may issue bonds under this subsection (a) in furtherance of these purposes in the same manner provided by said chapter 40D for local authorities. For this purpose the provisions of said chapter relating to local authorities and to municipalities acting by and through them and to their bonds shall apply to the Agency and its bonds except that the following provisions of chapter 40D shall not apply to the Agency: sections 2, 3, 4, 5, 6, the third paragraph of section 8, the fourth paragraph of section 10, section 12, except the findings required to be made under clauses (a) to (k), inclusive of subsection (2), the sixth to eleventh sentences, inclusive, of section 18, section 19 and paragraphs (a) to (e), inclusive, of section 21 and the power of the Agency in this section shall be exercised notwithstanding the provisions of clause (ii) of section 8, sections 9, 10, 13 and 14 of said chapter 40D. Refunding or refinancing of outstanding costs, obligations, mortgages or advances made by an institution in connection with a facility or facilities that provide cultural or educational services prior to the authorization of bonds by the board of the Agency may be financed for any such institution. With respect to bonds issued for the foregoing purposes under this subsection (a), the Agency shall make the findings required to be made by the Massachusetts Industrial Finance Agency board in said chapter 40D, except that in the case of bond anticipation financing no findings shall be required concerning a trust agreement as specified in clauses (d) and (h) of subsection (2) of section 12 of said chapter 40D. The Agency may issue bonds under this subsection (a) to finance the improvement of any building or buildings for mixed commercial and residential use only if the Agency and the governing body of the municipality in which the project is located find, after a public hearing held not less than ten days after publication of notice thereof in a newspaper of general circulation in such municipality, with respect to the portion of the project to be used for housing, that such portion is located in, or is needed to prevent the area in which it is located from becoming, a substandard, decadent or blighted open area, as defined in section 1 of chapter 121A; that the area will not by private enterprise alone and without either governmental subsidy or the exercise of governmental powers be developed or revitalized in such a manner as will prevent, arrest or alleviate the spread of blight or decay; and that such portion of the project is consistent with the sound needs of the municipality as a whole. The Agency shall inform sponsors of projects in appropriate cases of available federal programs to guarantee or otherwise assist in financing certain types of activities and shall assist sponsors in such cases in implementing such programs through commercial and investment bankers. When the Agency receives an inquiry from a potential sponsor of a project for financing under this subsection, it shall promptly notify in writing (i) the industrial development financing authority if such an authority exists in the city or town where such project is proposed to be financed; or (ii) the mayor or board of selectmen in said city or town where no such authority exists. In the case of a city or town having an industrial development financing authority the Agency shall provide such authority with all practicable assistance in completing the said project promptly. If, however, the board of the Agency shall find in the exercise of its reasonable discretion that such local authority has not acted in a timely fashion in processing the application of the project's sponsor or other aspects of the project without reasonable grounds for such delay, the Agency may undertake the financing of the project directly with the sponsor without the intervention of the local authority. At any time a city or town may require the Agency to assume the role of an authority in financing a project under this subsection. If a city or town having an industrial development finance authority has rejected, in a timely fashion, a proposed project for financing by such authority under said chapter 40D, it shall notify the Agency of that rejection, and the Agency shall not undertake that project in the city or town. Notwithstanding any provision of this paragraph to the contrary, the agency may finance projects for institutions without meeting any of the requirements other than those contained in the first 2 sentences of this paragraph. (b) The Agency may lend money to one or more users to finance economic development projects as an alternative to its authority under subsection (a), and as an incident to any such loan the Agency may enter into financing documents and may acquire and hold any duly authorized payment obligations of such users. The Agency may issue its bonds for financing such loans, provided that no bonds issued by the Agency under the authority of this subsection shall be accompanied by a certificate or legal opinion to the effect that interest on the bonds is excludable from gross income of the recipients for federal income tax purposes. No financing shall be provided by the Agency under this subsection for any project for housing if such financing may be provided by the Agency through the intermediacy of another public body pursuant to subsection (c), and no financing shall be made by the Agency for the purposes of this subsection unless the Agency shall first have determined that: (i) the user is a responsible party; (ii) the financing of the project is reasonably expected to stimulate economic growth or stability within the commonwealth and will, as a result, confer a definite benefit on the citizens of the commonwealth, and any private benefit which may be derived from the project will not be so disproportionate as to override the public purpose of stimulating or stabilizing the economy of the commonwealth; (iii) the project will provide employment, or security against loss of employment, having a reasonable relationship to the principal amount of the Agency's loan therefor; (iv) the Agency's bonds and any financing document contain reasonable provisions and comply with the provisions of this chapter; (v) payments to be made under applicable financing documents are adequate to pay the current expenses of the Agency in connection with the project and to make payments on the bonds; and (vi) the sponsor of the project does not do business in Northern Ireland absent compliance with the McBride Principles, so-called. (c) The Agency may lend money to one or more public bodies in order to assist said public bodies in carrying out their corporate purposes and as an incident to any such loan the Agency may acquire and hold the bonds, notes or other duly authorized payment obligations of said public bodies. The Agency may issue bonds for the purpose of financing such lending. In financing documents pertaining to such lending, the Agency may require the public body to pay any fixed annual charges and any fees and expenses charged by the Agency for its services rendered in connection with the acquisition by the Agency of such obligation. Upon the issue to the Agency of any obligations of a public body for purposes of this section, the public body issuing such obligations shall be deemed to have agreed that, in the event of the failure of such public body to pay the interest and premium, if any, on, and principal of, such obligations, and notwithstanding the provisions of any other law, the Agency may thereupon avail itself of all remedies, rights and provisions of law applicable in such circumstances, and no delay or failure to exercise any such rights and remedies on the part of the Agency may be raised as a defense by such public body. No loan shall be made by the Agency for the purposes of this subsection unless the Agency shall have first received assurance satisfactory to the Agency that the payment obligations of the public body to be acquired by the Agency in connection with such loan are valid and binding obligations of the public body enforceable in accordance with their terms; provided, however, that the provisions of this act shall not be construed to expand the power or purpose of any public body except the Agency. [ Subsection (d) effective until August 5, 2025. For text effective August 5, 2025, see below.] (d) The Agency shall provide for issuance of its bonds from time to time by resolution of the board of directors. An issue of bonds of the Agency may combine more than one of the Agency's authorized purposes for borrowing money. Bonds issued by the Agency may be issued as general obligations of the Agency or as special obligations payable solely from particular revenues or funds as may be provided for in any financing document pertaining thereto. Bonds of each issue may be dated, may bear interest at such rate or rates, including rates variable from time to time, may be payable in any domestic or foreign currency and at any domestic or foreign location, and may mature or otherwise be payable at such time or times, as may be provided for by the Agency, and may be made redeemable or determinable before maturity at the option of the Agency or the holder thereof at such price or prices and under such terms and conditions as may be fixed by the Agency. The Agency shall determine the form of bonds, including interest coupons, if any, to be attached thereto, and the manner of execution of such bonds, and shall fix the denomination or denominations of such bonds and the place or places of payment of principal, redemption premium, if any, and interest thereon. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery thereof, such signature or facsimile shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery. The Agency may provide for authentication of bonds by a trustee, fiscal agent, registrar or transfer agent. Bonds may be issued in bearer or in registered form, or both, and, if notes, may be made payable to bearer or to order, as the Agency may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of bonds registered as to both principal and interest and for the interchange of bonds registered as to both principal and interest and for the interchange of registered and coupon bonds. The Agency may also establish and maintain a system of registration for any bonds whereby the name of the registered owners, the rights evidenced by the bonds, the transfer of the bonds and such rights and other similar matters are recorded in books or other records maintained by or on behalf of the Agency, and no instrument evidencing such bond or rights need be delivered to the registered owner by the Agency. A copy of the books or other records of the Agency pertaining to any bond registered under such registration system certified by an authorized officer of the Agency or by the agent of the Agency maintaining such system shall be admissible in any proceeding without further authentication. The board may by resolution delegate to any director or directors or officer or officers of the Agency or any combination thereof the power to determine any of the matters set forth in this section. In the discretion of the Agency, bonds of the Agency may be issued with such terms as will cause the interest thereon to be subject to federal income taxation. The Agency may sell its bonds in the manner, either at public or private sale, for the price, at the rate or rates of interest, or at discount in lieu of interest, as it determines will best effect its corporate purposes. The Agency may issue bonds for any of its authorized purposes without obtaining a certificate of convenience and necessity from the department of commerce and development. Notwithstanding the provisions of subsections (a) and (b), the bonds of any such issue may be issued prior to the making by the Agency of the findings required to be made, provided that the board makes such findings prior to the disbursement of the proceeds of a loan to a user or a public body. [ Subsection (d) as amended by 2025, 14, Sec. 15 effective August 5, 2025. For text effective until August 5, 2025, see above.] (d) The Agency shall provide for issuance of its bonds from time to time by resolution of the board of directors or a duly authorized committee of the board. An issue of bonds of the Agency may combine more than one of the Agency's authorized purposes for borrowing money. Bonds issued by the Agency may be issued as general obligations of the Agency or as special obligations payable solely from particular revenues or funds as may be provided for in any financing document pertaining thereto. Bonds of each issue may be dated, may bear interest at such rate or rates, including rates variable from time to time, may be payable in any domestic or foreign currency and at any domestic or foreign location, and may mature or otherwise be payable at such time or times, as may be provided for by the Agency, and may be made redeemable or determinable before maturity at the option of the Agency or the holder thereof at such price or prices and under such terms and conditions as may be fixed by the Agency. The Agency shall determine the form of bonds, including interest coupons, if any, to be attached thereto, and the manner of execution of such bonds, and shall fix the denomination or denominations of such bonds and the place or places of payment of principal, redemption premium, if any, and interest thereon. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery thereof, such signature or facsimile shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until delivery. The Agency may provide for authentication of bonds by a trustee, fiscal agent, registrar or transfer agent. Bonds may be issued in bearer or in registered form, or both, and, if notes, may be made payable to bearer or to order, as the Agency may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of bonds registered as to both principal and interest and for the interchange of bonds registered as to both principal and interest and for the interchange of registered and coupon bonds. The Agency may also establish and maintain a system of registration for any bonds whereby the name of the registered owners, the rights evidenced by the bonds, the transfer of the bonds and such rights and other similar matters are recorded in books or other records maintained by or on behalf of the Agency, and no instrument evidencing such bond or rights need be delivered to the registered owner by the Agency. A copy of the books or other records of the Agency pertaining to any bond registered under such registration system certified by an authorized officer of the Agency or by the agent of the Agency maintaining such system shall be admissible in any proceeding without further authentication. The board may by resolution delegate to any director or directors or officer or officers of the Agency or any combination thereof the power to determine any of the matters set forth in this section. In the discretion of the Agency, bonds of the Agency may be issued with such terms as will cause the interest thereon to be subject to federal income taxation. The Agency may sell its bonds in the manner, either at public or private sale, for the price, at the rate or rates of interest, or at discount in lieu of interest, as it determines will best effect its corporate purposes. The Agency may issue bonds for any of its authorized purposes without obtaining a certificate of convenience and necessity from the department of commerce and development. Notwithstanding the provisions of subsections (a) and (b), the bonds of any such issue may be issued prior to the making by the Agency of the findings required to be made, provided that the board makes such findings prior to the disbursement of the proceeds of a loan to a user or a public body. (e) Said Agency may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The Agency may also provide for replacement of any bonds which shall have become mutilated or shall have been destroyed or lost. The Agency, by itself or through such agent as it may select, may purchase and invite offers to tender for purchase any bonds of the Agency at any time outstanding; provided, however, that no such purchase by the Agency shall be made at a price, exclusive of accrued interest, if any, exceeding the principal amount thereof or, if greater, the redemption price of such bonds when next redeemable at the option of the Agency, and may resell any bonds so purchased in such manner and for such price as it may determine will best effect its corporate purposes. (f) Without limiting the powers of the Agency contained elsewhere in this chapter or in chapter 40D, in connection with any such issue of bonds, the Agency may create and establish one or more special funds, hereafter referred to as "bond reserve funds'', and may establish one or more costs of issuance accounts, and shall pay into each such bond reserve fund or costs of issuance account any proceeds of sale of bonds or letter of credit or insurance policy or other financing document as may be provided in the resolution authorizing the issuance of, or financing document securing, such bonds and any other moneys which may be available to the Agency for the purpose of each such fund or account from any other source or sources. Whenever the Agency issues such bonds to fund reserves or costs of issuance, it may determine whether or not the cost of funding such reserves or costs of issuance, shall be treated as a cost of the project and whether or not a financing document shall be required to provide payments to amortize principal and interest of such bonds. In any event, the expected yield on bond reserve funds may, with the approval of the Agency, be taken into account in determining the sufficiency of payments required under a financing document to amortize bonds issued for costs of the project. All moneys held in any bond reserve fund may be pledged to, and charged with, the payment of the principal of and the interest on the bonds with respect to which such bond reserve fund may be established, as the same shall become due, and the redemption or purchase price of such bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made. The use and disposition of moneys to the credit of such bond reserve fund shall be subject to the provisions of the resolution authorizing the issuance of, or financing document securing, such bonds. Except as may otherwise be provided in such resolution or such financing document, such bond reserve fund shall be a fund for bonds issued to finance all such projects without any distinction or priority of any bond over another; provided the Agency in any such resolution or financing document may provide that such bond reserve fund shall be the fund for a particular project and for the bonds issued to finance a particular purpose and may, additionally, permit and provide for the issuance of bonds having subordinate lien in respect of the security authorized to other bonds of the Agency and, in such case, the Agency may create separate or other similar funds in respect of such subordinate lien bonds. (g) In the discretion of the board of directors, any bonds issued hereunder may be secured by a financing document in such form and executed in such manner as may be determined by the board of directors between the Agency and the purchasers or holders of such bonds or between the Agency and a corporate trustee which may be any trust company or bank having the powers of a trust company within or without the commonwealth. Such financing document may pledge or assign, in whole or in part, the revenues and funds held or to be received by the Agency, and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the Agency, and the proceeds thereof. Such financing document may contain such provisions for protecting and enforcing the rights, security and remedies of bondholders as may be reasonable and proper, including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof which may include the acceleration of maturities, restrictions on the individual right of action by bondholders and covenants setting forth duties of and limitations on the Agency in conduct of its programs and the management of its property. In addition to other security provided herein or otherwise by law, bonds issued by the Agency may be secured, in whole or in part, by financial guarantees, by insurance or by letters of credit issued to the Agency or a trustee or any other person, by any bank, trust company, insurance or surety company or other financial institution, within or without the commonwealth, and the Agency may pledge or assign, in whole or in part, the revenues and funds held or to be received by the Agency, and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the Agency, and the proceeds thereof, as security for such guarantees or insurance or for the reimbursement by the Agency to any issuer of such letter of credit of any payments made under such letter of credit. (h) It shall be lawful for any bank or trust company to act as a depository or trustee of the proceeds of bonds, revenues or other moneys under a resolution, financing document or other agreement of the Agency and to furnish indemnification and to provide security as may be required by the Agency. Any pledge of revenues and other funds made by the Agency under the provisions of this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of the uniform commercial code and other laws when such pledge is made. The revenues and funds, rights therein and thereto and proceeds so pledged and then held or thereafter acquired or received by the Agency shall immediately be subject to the lien of such pledge without any physical delivery or segregation thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Agency, whether or not such parties have notice thereof. The resolution or financing document by which a pledge is created need not be filed or recorded to perfect such pledge except in the records of the Agency and no filing need be made under the uniform commercial code. It is hereby declared that any pledge or assignment made under the authority of this chapter is an exercise of the political and governmental powers of the Agency, and revenues or funds, contract or other rights to receive the same and the proceeds thereof which are subject to the lien of a pledge or assignment created under this chapter shall not be applied to any purposes not permitted by such pledge or assignment. (i) Any holder of a bond issued by the Agency or of any of the coupons appertaining thereto and any trustee or other representative under an applicable financing document pertaining to the same, except to the extent the rights herein given may be restricted by a financing document, may bring suit upon the bonds or coupons and may, either at law or in equity, by suit, action, mandamus, or other proceeding for legal or equitable relief, including proceedings for the appointment of a receiver to take possession and control of the business and properties of the Agency, to fix, revise and collect charges, protect and enforce any and all rights under the laws of the commonwealth or granted hereunder or under a resolution or financing document, and may enforce and compel performance of all duties required by this chapter or by such bond resolution, trust agreement or other agreement, to be performed by the agent or by any officer thereof. (j) Bonds issued by the Agency shall not constitute a debt or a pledge of the faith and credit of the commonwealth, but shall be payable solely from the revenues provided for under a financing document in connection therewith or from reserve funds or other funds of the Agency or from funds derived from the issuing of duly authorized refunding bonds. All bonds issued by the Agency shall suitably state that the bonds are not an obligation of the commonwealth but are payable solely from the funds specifically pledged for their payment. (k) The Agency may issue refunding bonds for the purpose of paying any of its bonds issued under the provisions of this chapter or other applicable law at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at such times at or prior to the maturity, redemption or purchase and retirement of the refunded bonds as the board deems to be in the interest of the Agency. Refunding bonds may be issued in sufficient amounts to pay or provide for payment of the principal of the bonds being refunded, together with any redemption premium thereon, any interest or discount accrued or to accrue to the date of payment of such bonds, the costs of issuance of the refunding bonds, the expenses of paying, redeeming or purchasing the bonds being refunded, the costs of holding and investing proceeds of refunding bonds pending such payment, redemption or purchase and such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds as may be required by a bond resolution, financing document or other agreement securing bonds. The issue and sale of refunding bonds issued pursuant to this subsection, the maturities and other details thereof, the security therefor, the rights of the holders thereof, and the rights, duties and obligations of the Agency in respect of the same shall be governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as the same may be applicable. Notwithstanding any provision of this chapter to the contrary, any indebtedness of the Massachusetts Health and Educational Facilities Authority may be refunded under this subsection (k) if said indebtedness was subject to being refunded under chapter 614 of the acts of 1968.

M.G.L. c. 23G, § 9 Investment in bonds by public officers, public bodies, insurance or banking institutions

c. 23G, § 9. Investment in bonds by public officers, public bodies, insurance or banking institutions Section 9. The bonds of the Agency and any loan or extension of credit which is the subject of insurance or reinsurance or an insurance or reinsurance commitment pursuant to sections 4 and 5, shall be legal investments in which all public officers and public bodies of the commonwealth, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, banking associations, trust companies, savings banks and savings associations, including cooperative banks, building and loan associations, investment companies and other persons carrying on a banking business, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of the commonwealth, may properly and legally invest funds, including capital, in their control, or belonging to them. The bonds and any loan or extension of credit which is the subject of insurance or reinsurance or an insurance or reinsurance commitment pursuant to said sections 4 and 5 are also hereby made securities which may properly and legally be deposited with and received by all public officers and bodies of the commonwealth or any Agency or political subdivisions thereof and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the commonwealth is now or may hereafter be authorized by law.

M.G.L. c. 23G, § 10 Audits

c. 23G, § 10. Audits Section 10. The books and records of the Agency shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.

M.G.L. c. 23G, § 11 Marine Seafood Processing Revolving Loan Fund; separate accounts

c. 23G, § 11. Marine Seafood Processing Revolving Loan Fund; separate accounts Section 11. The Marine Seafood Processing Revolving Loan Fund established under the provisions of section 38A of chapter 23A shall be under the control of the Massachusetts Development Finance Agency but shall consist of a separate account or accounts segregated from other Agency funds, to which shall be credited any appropriations made to the Agency for seafood processing industry purposes, together with such other accounts as may become available from any other source. The Agency may from time to time withdraw from the Marine Seafood Processing Loan Fund such amounts as may be necessary to provide funds for the administration of this section and sections 13 and 14. No funds shall be appropriated nor credited to the fund until the advisory council established pursuant to paragraph (a) of section 12, has filed an approved, recommended program with the clerks of the senate and the house of representatives and with the commissioner of administration.

M.G.L. c. 23G, § 12 Marine Seafood Processing Revolving Loan Fund; rules and regulations advisory council; loan authorization

c. 23G, § 12. Marine Seafood Processing Revolving Loan Fund; rules and regulations advisory council; loan authorization Section 12. The Massachusetts Development Finance Agency may establish rules and regulations relative to the Marine Seafood Processing Revolving Loan Fund. In addition thereto the Agency is hereby authorized to: (a) establish a marine seafood processing loan fund advisory council, which shall consist of seven members, three members to be appointed by the Massachusetts Development Finance Agency board of directors, experienced in business and finance, who may also be members of the Massachusetts Development Finance Agency board, two members appointed by the commissioner of banks who are experienced in banking or marine financing, and may include the commissioner of banks or his designee, two members appointed by the commissioner of fisheries and wildlife who are experienced in marine food processing or marine affairs, and may include the commissioner or his designees, said council shall act in an advisory capacity to the Massachusetts Development Finance Agency board in matters relative to the financing of marine seafood processing loan applications and said council may review and provide technical comments regarding each loan application submitted to the Massachusetts Development Finance Agency board for approval. Said council shall, after providing due notice and opportunity for a hearing, recommend a program to provide sources of funds, including, but not limited to, federal, state or private funding, and issuance of debt or industry assessments for the Marine Seafood Processing Revolving Fund. Such recommended program shall, after approval by the board of directors of Massachusetts Development Finance Agency, be filed with the clerks of the senate and the house of representatives and with the commissioner of administration. (b) upon application of an industrial enterprise engaged in the collection or processing of seafood, make loans of moneys held in the Marine Seafood Processing Loan Fund and provide for the repayment and redeposit of such allocations and loans in the manner hereinafter provided: (1) not more than $200,000 shall be loaned to any one enterprise. If the board determines, after the initial loan by the Agency, that additional moneys are required to protect the initial loan of the Agency, it may approve an additional loan not to exceed the amount of the initial loan; the processor may use the proceeds of the loan for the purposes of financing operations, inventory, or such other purposes as may be approved by the board; (2) upon default, take title by foreclosure proceeding to any marine processing project to recover any loan previously made therefor by the Agency and pay all costs arising out of such foreclosure and acquisition from moneys held in the Marine Seafood Processing Loan Fund and sell, transfer and convey any such marine processing project to any responsible buyers in the event such sale, transfer or conveyance cannot be affected within a reasonable time. The Agency may lease such facilities to a responsible tenant or tenants to minimize financial losses and sustain employment. The Agency shall not lease marine processing facilities except under the conditions and for the purposes cited herein; (c) finance marine seafood processing projects which shall be in addition to any other power of the Agency; provided, however, that nothing with respect to the Marine Seafood Processing Loan Fund shall be construed to limit or otherwise affect any other power of the Agency.

M.G.L. c. 23G, § 13 Grant and approval of loans

c. 23G, § 13. Grant and approval of loans Section 13. The board of directors of the Agency may, upon application by a marine seafood processor, grant a loan based upon its finding that it will contribute to the economic stimulation of the company, support the growth of the seafood industry as a whole, and is consistent with its public purpose. Any seafood processor may make an application to the Agency in a form approved by the Agency which shall contain at least the following: (1) a general description of the company, including but not limited to, a business plan, corporate history, last audited financial statement and an inventory of equipment owned or to be purchased; (2) a general description of the number, type and class of employees employed or to be employed in the operation and the total of salary expenditures; (3) a description of all real estate held or used in conjunction with the applicant's business, including leased facilities and a list of encumbrances thereon; (4) evidence that the loan will enhance seafood production, and the efficient operation of the facility, and also increase or retain employment; (5) such other financial information as the Agency shall deem necessary including personal financial information of the applicant and principals of the applicant. The powers, rights and funds granted to the Agency in this section and in sections 11 and 12 shall in no way derogate or diminish any other power or right of the Agency granted elsewhere, including without limitation, the Agency's power to make loans consistent with this chapter to seafood processors with funds other than those contained in the Marine Seafood Processing Loan Fund.

M.G.L. c. 23G, § 14 Acquisition of lands

c. 23G, § 14. Acquisition of lands Section 14. Whenever the United States shall give notice that any lands, or any interest therein, are available for disposal or make advertisement for bids with respect to such lands, or such interest, the Agency as successor to the Massachusetts government land bank, may take whatever steps are required by federal law or regulations to acquire such lands, or such interest; provided, however, that the Agency shall, within one year from such notice or such advertisement, make no offer or bid to acquire such lands in competition with that of any municipality or municipalities, or any designee thereof, within which such land lies, unless such offer or bid is necessary, in the judgment of the Agency, to prevent acquisition of such lands, or such interest, other than by such municipality or municipalities, or any designee thereof, or the Agency. Upon the recording of a deed conveying to the Agency all of the interest of the United States of America in and to any lands included within the United States Navy Yard, Boston, Massachusetts, title to which was granted by the commonwealth to the United States of America by and pursuant to chapter 535 of the acts of 1941, all right, title and interest of the commonwealth in and to any such lands shall pass to the Agency.

M.G.L. c. 23G, § 15 Conveyance of land to agency or Boston redevelopment authority

c. 23G, § 15. Conveyance of land to agency or Boston redevelopment authority Section 15. Notwithstanding any provision of general or special law to the contrary, upon the recording in the Suffolk county registry of deeds of a deed or deeds from the United States of America conveying to the Agency or to the Boston Redevelopment Authority as grantee all or any portion of the premises within the United States Navy Yard, Charlestown section of Boston, Massachusetts, now owned in part by the United States of America and in part by the Boston Redevelopment Authority, bounded northwesterly by Little Mystic Channel, easterly and southeasterly by the main channel of Boston Inner Harbor, southwesterly by the Charles River and northwesterly by the lands of others: (a) it shall be deemed conclusively that jurisdiction to said premises vested in the United States of America in accordance with the terms of any special acts whereby the commonwealth ceded jurisdiction to said premises to said United States and, further, that said United States has complied with all conditions imposed by such acts; (b) all right, title and interest of the commonwealth in and to any such premises shall pass to and vest in the grantee, establishing fee simple absolute title in the grantee, all without further evidence of conveyance by the commonwealth and all interests of the commonwealth are hereby ratified and confirmed in the respective grantees of any such deed or deeds of all or any portion of these premises so recorded prior to the enactment hereof; and (c) all licenses and authority to place fill, to maintain existing fill, to build and maintain bulkheads, to drive piles, to build, extend and widen wharves, piers and other structures on piles or on other support structures or to construct other structures heretofore or hereafter granted under the applicable provisions of chapter 91 of the General Laws and all actions of the United States of America taken in respect to placing and maintaining fill or building and maintaining bulkheads, piles, wharves, piers or other structures completed prior to the date of enactment hereof, whether or not so placed, built or maintained in accordance with the applicable provisions of any general or special act, deed, grant or other instrument authorizing or conveying the same and whether or not so placed, built or maintained in accordance with any plans that may have been filed or required to be filed with the commonwealth or any Agency or political subdivision thereof, all with respect to said premises, shall be irrevocable and ratified and confirmed in place, the commonwealth hereby waiving any right or claim of action it might have for the recovery of said land or any interest therein below high water mark to or in such fill or appurtenant structures or to restrict the use of same.

M.G.L. c. 23G, § 16 Acquisition of surplus or blighted lands; redevelopment or incubator development plans; approval

c. 23G, § 16. Acquisition of surplus or blighted lands; redevelopment or incubator development plans; approval Section 16. The Agency may take possession of or acquire blighted lands or incubator development lands or an interest therein or make loans, loan guarantees or grants for the redevelopment of blighted lands only after a public hearing and a determination by the Agency that such lands are decadent, substandard or blighted open areas. The Agency may dispose of federal surplus, blighted or incubator development lands or an interest therein only after approval of a redevelopment plan for federal surplus or blighted lands, or an incubator development plan for incubator development lands by the board of directors of the Agency, which approval shall not occur until a public hearing is held on said redevelopment or incubator development plan and provided such lands shall be developed or redeveloped in accordance with said redevelopment plan or incubator development plan. The Agency shall not approve a redevelopment or incubator development plan for such lands within one year of the acquisition or possession by the Agency of such lands or an interest therein unless the city council, board of aldermen or board of selectmen of the municipality or municipalities in which the lands lie have approved said redevelopment or incubator development plan. The Agency may extend the one year period by petition of any municipality wherein the lands are located. The Agency may take possession of or acquire state surplus lands or an interest therein only after approval of a redevelopment plan for such lands by the board of directors of the Agency, the city council, board of aldermen or board of selectmen of the municipality or municipalities in which the lands lie, and the deputy commissioner of capital planning and operations, which approvals shall not occur until a public hearing is held on said redevelopment plan. Such lands shall be developed or redeveloped in accordance with said redevelopment plan and if a formal competitive process will not be the method utilized for the disposition of such lands or interests to a private person or entity, the Agency shall disclose the reasons therefore in the central register published by the secretary of state prior to such disposition. The Agency shall, in accordance with section 3 of chapter 30A of the General Laws, establish general rules and regulations governing the evaluation and selection criteria for development proposals for all state surplus lands acquired by it, prior to the acquisition of any state surplus lands by the Agency. No redevelopment or incubator development plan shall be approved by the Agency unless the Agency finds that such plan provides for the development, redevelopment, operation, or maintenance of the lands, in whole or in part, substantially for institutional, governmental industrial, commercial or residential uses which will prevent or eliminate blight, economic dislocation, economic distress, or unemployment, or for the construction or rehabilitation upon the lands or decent, safe and sanitary housing, at least 25 per cent of which shall be made available to persons of low and moderate income, or for such other public purposes as the Agency may determine are generally consistent with the provisions of this chapter; that such plan is consistent with the sound needs of the locality as a whole, with particular regard to the prevention of blight, economic dislocation and unemployment or the alleviation of the shortage of such housing; that such plan is financially sound; and that such plan meets such other requirements as the Agency may by regulation establish. No redevelopment or incubator development plan shall be materially amended unless the public hearing and approval procedures as specified in this section for redevelopment or incubator development plans are complied with prior to any such amendment. Redevelopment or incubator development plans shall contain a general description of the lands and of the purposes for which the lands will be developed, redeveloped, operated or maintained, the anticipated financing sources for said development, redevelopment, operation or maintenance and the role of the Agency in and the anticipated public benefits and public subsidies that will result from the development, redevelopment, operation or maintenance of such lands. If a redevelopment plan is for state surplus lands, said plan shall also contain a description of (a) any reuse restrictions imposed by the general court or the deputy commissioner of capital planning and operations and how said restrictions will be enforced by the Agency; and (b) the disposition process to be utilized for such lands. Any required public hearings need not be adjudicatory hearings as provided by chapter 30A. Notice for said public hearings must be published in a daily newspaper of general circulation in the area in which the land is located at least seven days prior to said hearings and the requirements of sections 11A and 11B of said chapter 30A shall be met. At least seven days prior to public hearings on redevelopment or incubator development plans, said plans shall be available for public review at the offices of the Agency. The provisions of this section shall apply only to the exercise by the Agency of its powers under clause (23) and clauses (26) to (29), inclusive of section 3.

M.G.L. c. 23G, § 16A Designations; walking track; tennis courts

c. 23G, § 16A. Designations; walking track; tennis courts Section 16A. The department of environmental management shall designate the walking track located at the Quinsigamond state park in the city of Worcester as the, ''State Representative Andrew Collaro walking track''; provided, however, that the tennis courts located in said state park shall be designated as the ''Senator Daniel J. Foley tennis courts''.

M.G.L. c. 23G, § 16B Borrowing of money

c. 23G, § 16B. Borrowing of money Section 16B. Notwithstanding the provisions of any general or special law to the contrary, North Shore Community College, with the approval of the board of higher education, may borrow an amount not to exceed $12,000,000 through the Massachusetts Health and Educational Facilities Authority or any other authorized funding source.

M.G.L. c. 23G, § 16C Taking of land by eminent domain

c. 23G, § 16C. Taking of land by eminent domain Section 16C. The department of fisheries, wildlife and environmental law enforcement may take by eminent domain under chapter 79 of the General Laws for endangered species habitat and open space protection purposes a portion of the registered and unregistered land in Dennis, Barnstable county, Massachusetts, taken by the Dennis Water District, a body politic, for water well protection purposes described in an Order of Taking dated May 6, 1996 and recorded in the Barnstable county registry of deeds in book 10191 at page 272 and registered as document numbered 665160, which portion to be taken by the department shall be shown on a plan of land to be prepared by said department.

M.G.L. c. 23G, § 17 Disposition of lands; valuation

c. 23G, § 17. Disposition of lands; valuation Section 17. Any disposition of lands, or an interest therein, which were acquired by the Agency pursuant to section 16 may be made in such manner whether by sale, lease, or otherwise, by parcels which are the same as or different from those by which they were acquired or taken possession of by the Agency, and for such price, rental or other consideration payable over such term, and bearing interest as to deferred payments and secured in such manner, by mortgage or otherwise, all as the Agency may determine to be desirable and consistent with any applicable provisions of any applicable redevelopment or incubator development plan. Prior to the disposition of state surplus lands or an interest therein which were acquired by the Agency pursuant to section 16 to a natural person or entity, the Agency shall undertake an independent determination of the value of such lands through procedures customarily accepted by the appraising profession as valid for determining property value. If such disposition is for consideration which is less than such value, the Agency shall, prior to such disposition, disclose in the central register published by the secretary of state the difference between the value of such parcel and disposition price of such parcel and by notice to the house and senate committees on ways and means. The Agency may, in accordance with the provisions of section 2 of chapter 30A of the General Laws, adopt such rules and regulations as it may deem desirable for the exercise of its powers and the discharge of its duties as provided in this section.

M.G.L. c. 23G, § 18 Government Land Bank Fund

c. 23G, § 18. Government Land Bank Fund Section 18. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Government Land Bank Fund. There shall be credited to said fund the following: (a) after deducting the administrative expenses of the Agency, all principal and interest received by the Agency under a mortgage made by the Agency's predecessor, the Massachusetts government land bank, financed by the proceeds of an industrial development bond or note as such term, or a successor term of comparable import, is defined by the Internal Revenue Code of 1954, issued by the commonwealth on behalf or for the purposes of one of the said Massachusetts government land bank. (b) monies transferred from the reserves of the Agency pursuant to a vote of the board of directors of the Agency; (c) all monies transferred pursuant to an authorization by the general court or by law. Revenue credited to the Government Land Bank Fund shall be used for debt service on bonds and notes issued by the commonwealth on behalf of the Agency's predecessor, the Massachusetts government land bank, or upon appropriation by the general court. The comptroller of the commonwealth shall quarterly file a report with the house and senate committees on ways and means and the secretary of administration and financing detailing the balance of the fund. The proceeds of an industrial development bond as such a term, or a successor term of comparable import, is defined by the Internal Revenue Code of 1954 issued after September 1, 1982 by the Agency's predecessor, the Massachusetts government land bank, shall not be used to reduce any deficit existing in said fund. The provisions of this section shall not apply to any bond issued by the Agency's predecessor, the Massachusetts Industrial Finance Agency nor to any bond issued by the Agency.

M.G.L. c. 23G, § 18A Liability for payment of bonds issued under prior act

c. 23G, § 18A. Liability for payment of bonds issued under prior act Section 18A. The commonwealth shall remain liable for the payment of bonds issued under section 8A of chapter 212 of the acts of 1975, as amended, and for contract assistance obligations under section 8B of said chapter 212 in respect of bonds issued prior to the enactment of this act, each to the same extent as before the enactment of this act.

M.G.L. c. 23G, § 19 Grants; financing transactions; approval of applications

c. 23G, § 19. Grants; financing transactions; approval of applications Section 19. The Agency may make grants and undertake financing transactions under the provisions of clause (29) of section 3 only upon the approval by the Agency of an application containing the following information: (a) identification of the applicant; (b) a description of the project including a financing plan; (c) a description of how the Agency's interest will be secured; and (d) a description of the public benefits to be derived from the project. No such application shall be approved by the Agency unless the Agency finds that the transaction represented in such application provides for the capitalization or stabilization of a business that is or will be located in a small business incubator facility or for the acquisition, development, improvement, redevelopment, operation, maintenance or use of lands, in whole or in part, or the construction, rehabilitation, demolition or maintenance of the buildings thereon, or the acquisition, establishment, development, improvement, redevelopment, stabilization, management or operation of small business incubator facilities thereon, substantially for industrial, commercial or residential uses which will prevent or eliminate blight, economic dislocation, economic distress or unemployment, or for the construction, rehabilitation or maintenance upon such lands of decent, safe and sanitary housing, at least 25 per cent of which will be made available to persons of low and moderate income, or for such other public purposes as the Agency may determine are generally consistent with the provisions of this chapter; that such project is consistent with the sound needs of the locality as a whole, with particular regard to the prevention of blight, economic dislocation, economic distress or unemployment, or the alleviation of the shortage of such housing; that such project is financially sound; and that such project meets such other requirements as the Agency may by regulation establish.

M.G.L. c. 23G, § 20 Small business incubator facilities; location restriction

c. 23G, § 20. Small business incubator facilities; location restriction Section 20. The small business incubator facilities that receive financial assistance from the Agency shall not be located within a 25 mile radius of another small business incubator project approved by the Agency.

M.G.L. c. 23G, § 21 Application requirements for incubator development plan, loans or grants

c. 23G, § 21. Application requirements for incubator development plan, loans or grants Section 21. In addition to other requirements contained in this chapter, each incubator development plan or loan, loan guarantee or grant application related to a small business incubator facility shall: (i) make provision for a professional business manager or be accompanied by a contract between a professional management service and the incubator sponsor. Said business management contract shall include whenever possible but not be limited to the regional Small Business Development Centers established pursuant to 15 USC 648, if such assistance is provided without charge to said sponsors; (ii) contain a needs analysis demonstrating a shortage of small units of industrial space for businesses in the service area of the proposed facility; and (iii) adequately demonstrate the capacity of the recipient to make or administer loans or investments to capitalize businesses that are or will be served by said facility.

M.G.L. c. 23G, § 22 Application approval; requirements by incubator sponsor

c. 23G, § 22. Application approval; requirements by incubator sponsor Section 22. Before approving an application to a small business incubator facility, the incubator sponsor shall require that an applying business must show evidence of the following: (1) the business applying for financial aid has a clearly developed business concept or prototype; (2) the business has a reasonable chance of being commercially successful; (3) the financial aid provided by the Agency shall be used to further commercialization of the business including, but not limited to, the further development of the business; the construction of a prototype, the development of a manufacturing process to produce, or to implement a marketing or distribution strategy for the product; (4) financial aid by the Agency is necessary for the commercial development of the business because funding for such commercial development of the business is only available on terms that would substantially hinder its successful commercial development; and (5) the employment created or maintained by commercial development and production of the business will be in the commonwealth. The incubator sponsor shall only permit eligible businesses, including, without limitation small businesses located in existing small business incubator facilities, to be tenants in such incubator facility. For the purposes of this section, the word ''business'' shall mean any individual, firm, corporation, partnership, trust or other legal entity, in the process of formation or starting as a new business, engaged in, but not limited to, the research, development and construction of a prototype, the development of a manufacturing process to produce the product or to implement a marketing or distribution strategy for the product, including a business located in an existing incubator facility or an existing business which demonstrates a significant diversification of its product line.

M.G.L. c. 23G, § 23 Incubator facilities; tenant businesses; time limitation

c. 23G, § 23. Incubator facilities; tenant businesses; time limitation Section 23. The incubator sponsor shall require tenant businesses to leave the incubator facility within five years. The incubator sponsor, upon determination by the governing board of the incubator facility, may allow a tenant business a limited extension of time beyond the five year period to remain in the incubator. The considerations shall include, but not be limited to, available space in the facility; the achievement of financial viability within the extension period; and the inadequacy or lack of affordable space, with good faith substantiation of an effort to secure reasonable relocation space.

M.G.L. c. 23G, § 24 Authorization to borrow; issuance of bonds and notes

c. 23G, § 24. Authorization to borrow; issuance of bonds and notes Section 24. The state treasurer may borrow from time to time on the credit of the commonwealth such sums of money as may be necessary, but not exceeding, in the aggregate, the sum of $40,000,000, for the purposes of acquisition, holding, protection, maintenance, repair or use of lands or for provision of personnel and administrative cost of the Agency as provided by this chapter, and may issue and renew from time to time bonds or notes of the commonwealth therefor bearing interest at such times and at such rate as shall be fixed by the state treasurer. Such notes shall be issued and may be renewed one or more times for such terms, not exceeding one year, as the governor may recommend to the general court in accordance with Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth. All payments on account of principal on such notes shall be repaid from the Government Land Bank Fund; provided, however, that notwithstanding any provision of this chapter, such notes shall be general obligations of the commonwealth.

M.G.L. c. 23G, § 25 Issuance and sale of bonds

c. 23G, § 25. Issuance and sale of bonds Section 25. To provide for the acquisition, holding, protection, maintenance or use of lands as provided by clause (29) of section 3, to provide for making loans, loan guarantees and grants provided by this chapter, to provide for personnel and administrative costs of the Agency, to provide for costs related to the Devens project, so-called, created by chapter 498 of the acts of 1993 and to refinance notes issued as provided in this chapter, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount not to exceed, in the aggregate, the sum of $170,000,000; provided, however, that $120,000,000 thereof shall be expended exclusively for costs related to said Devens project; and provided further, that not more than $15,000,000 may be expended for renovations to existing facilities within the Devens reserve force training area and at Westover Air Force Base for the use of marine and naval reserve units formerly assigned to South Weymouth naval air station. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Government Land Bank Fund Loan Act, and shall be term or serial bonds, shall bear such date or dates, and shall mature at such time or times not exceeding 30 years, from the date of issue, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth, the maturities thereof to be so arranged that the amounts payable in the several years of the period of amortization, other than the final year, shall be as nearly equal as in the opinion of the state treasurer it is practicable to make them. Said bonds shall bear interest semi-annually at such rate as the state treasurer, with the approval of the governor, shall fix. All interest payments and payments on account of principal on such bonds shall be payable from the Government Land Bank Fund to the extent of the monies therein, provided, however, that notwithstanding any provision of this chapter, such bonds and the interest thereon shall be general obligations of the commonwealth.

M.G.L. c. 23G, § 26 Contract assistance for debt service obligations

c. 23G, § 26. Contract assistance for debt service obligations Section 26. The state treasurer acting on behalf of the commonwealth shall enter into an agreement with the Agency providing that the commonwealth shall provide contract assistance for debt service obligations of the Agency derived from its predecessor, the government land bank, in the maximum amount of $6,000,000 per fiscal year of the commonwealth for a period of 12 such fiscal years; provided, however, that notwithstanding the foregoing, such agreement shall also provide that the commonwealth shall provide contract assistance necessary to defray debt service costs associated with up to $80,000,000 in principal amount of debt obligations of the Agency derived from its predecessor, the government land bank, issued pursuant to law for the purposes of the Devens project, so-called, created by chapter 498 of the acts of 1993. Such contract assistance agreement shall provide for the payment by the commonwealth of the debt service obligations of the Agency at such time during each such fiscal year and upon such terms and under such conditions as the Agency may stipulate. The Agency may pledge such agreement and the rights of the Agency to receive amounts thereunder as security for the payment of debt obligations issued by the Agency. Such agreement shall constitute a general obligation of the commonwealth for which the faith and credit of the commonwealth shall be pledged for the benefit of the Agency and of the holders of any debt obligations of the Agency which may be secured by a pledge of such agreement or of amounts to be received by the Agency under such agreement. Amounts received by the Agency from debt obligations issued pursuant to this chapter shall be used for the purposes of acquisition, holding, protection, maintenance, repair, stabilization, operation, management, development, redevelopment, improvement and use of lands, for making grants and undertaking financing transactions, for the acquisition of stock, options or warrants, for refunding other such debt obligations, or for provision of personnel and administrative costs of the Agency as provided by this chapter.

M.G.L. c. 23G, § 27 Emerging Technology Fund

c. 23G, § 27. Emerging Technology Fund Section 27. (a) There shall be within the agency an Emerging Technology Fund, to which shall be credited appropriations, bond proceeds or other monies authorized by the general court and specifically designated to be credited to the fund, such additional funds as are subject to the direction and control of the agency, pension funds, federal grants or loans or private investment capital which may properly be applied in furtherance of the objectives of the fund, proceeds from the sale of qualified investments secured or held by the fund, fees and charges imposed relative to the making of qualified investments, as defined and approved under rules approved by the advisory committee created in section 28 for the fund, secured or held by the fund and other monies which may be available to the agency or the advisory committee for the purposes of the fund from another source or sources. The agency shall hold the fund in an account or accounts separate from other funds or accounts and shall manage the fund on behalf of the advisory committee, under rules and policies established by the advisory committee. (b) The agency, on behalf of the advisory committee, shall invest and reinvest the fund and the income of the fund as follows: (1) in the making of qualified investments, under rules approved by the advisory committee; (2) in defraying the ordinary and necessary expenses of administration and operation associated with the fund; (3) in the investment of funds not required for immediate disbursement in the purchase of such securities as may be lawful investments for fiduciaries in the commonwealth; (4) for the payment of binding obligations associated with such qualified investments which are secured by the fund as the obligations become payable; and (5) for the payment of principal or interest on qualified investments secured by the fund or the payment of a redemption premium required to be paid when such qualified investments are redeemed prior to maturity; provided, however, that monies in the fund shall not be withdrawn at any time in such an amount as would reduce the amount of the fund to less than the minimum requirement established jointly by the agency and advisory committee, except for the purpose of paying binding obligations associated with qualified investments which are secured by the fund as the obligations become payable. (c) The fund shall be held and applied by the agency, on behalf of the advisory committee, to make qualified investments designed to advance the following public purposes: (1) to stimulate increased financing for new, renovated or improved manufacturing, research and development and related facilities and financing for the operations of emerging technology companies in the commonwealth by leveraging private financing for highly, productive state-of-the-art facilities or for the operations of emerging technology companies, which will lead to increased and more rewarding employment opportunities in the commonwealth by providing financing related to such facilities including, without limitation, financing of the construction or expansion of such facilities, including specialized real estate improvements and specialized equipment for those facilities; and financing for the operations of emerging technology companies; and (2) to make matching grants to universities, colleges, public instrumentalities, companies and other entities to induce the federal government, industry and other grant-funding sources to fund advanced research and development activities in new and emerging technologies and new application of existing technologies in the commonwealth, so as to serve to increase and strengthen the commercial and industrial base of the commonwealth and the economic development and employment opportunities related to the commercial and industrial base; (3) to provide bridge financing to universities, colleges, public instrumentalities, companies and other entities in anticipation of the receipt of grants of the type described in clause (2) awarded or to be awarded by the federal government, industry or other sources; (4) to provide low or no interest equipment loans targeted to companies within the defense technology and homeland security sector particularly those that are seeking to become more competitive against out-of-state companies; (5) to make grants to the Massachusetts Technology Transfer Center, established by section 12 of chapter 40G, to fund activities that facilitate the transfer of technology from the commonwealth's research institutions to the commonwealth's emerging technology industries, for productive use by such industries and to make targeted investments in proof of concept funding for emerging technologies; and (6) to provide matching grants in the field of marine science technology for companies in the commonwealth that receive small business innovation research or small business technology transfer grants from the small business administration. The matching award amount shall be the lesser of $20,000 or 15 per cent of the small business innovation research or small business technology transfer grant. There shall be a maximum of $60,000 available per company, including affiliates, per calendar year allocated on a competitive basis, contingent upon the availability of funds. The matching funds shall be used for product development and commercialization. The agency shall make no such qualified investment under clause (1) of subsection (b) unless the advisory committee finds that, to the extent possible, said qualified investment is such that a definite benefit to the economy of the commonwealth may reasonably be expected as a result. In addition, the agency shall make no such qualified investment under said clause (1) of said subsection (b) unless such qualified investment complies with rules approved by the advisory committee. Said rules shall define which industries within the commonwealth shall be considered emerging technology industries for purposes of this section; provided, however, that ''emerging technology industries'' shall include industries employing new or state-of-the-art technology in biotechnology, marine science technology, pharmaceuticals, clean and renewable energy technology; vehicles powered by clean and renewable energy, defense and homeland security-related technologies, advanced materials, electronics, nanotechnology, environmental, medical device, information technology, plastics and polymers, telecommunications industries involved in the research and development of state-of-the-art medication delivery devices or any other technological field or industry which the advisory committee has classified or shall classify as an emerging technology. Said rules shall also set the terms and conditions for investments which are to constitute qualified investments, which may include, without limitation, loans, working capital and contract based loans, guarantees, loan insurance or reinsurance, equity investments, grants made only under clauses (2) and (5) of subsection (c), or other financing or credit enhancing devices, as made by the agency directly or on its own behalf or in conjunction with other public instrumentalities, or private institutions, or the federal government; provided, however, that said rules shall provide that each such qualified investment made under clause (1) of said subsection (c) shall involve a transaction with the participation of at least 2 at-risk private parties. Said rules shall, in addition, set forth the terms, procedures, standards and conditions which the agency shall employ to identify qualified applications, process applications, make investment determinations, safeguard the fund, advance the objective of increasing employment opportunities, oversee the progress of qualified investments and secure the participation of other public instrumentalities, private institutions or the federal government in such qualified investments; provided, however, that said rules shall provide that each recipient of a qualified investment shall be required to pay a fee as a condition of such receipt, which fee may take the form of points, an interest rate premium or a contribution of warrants or other form of equity or consideration to the fund as prescribed by the advisory committee; and provided, further, that said rules shall provide for negotiated agreements between the agency and each recipient of a qualified investment regarding the terms and conditions by which the fund's support of a recipient could be reduced or withdrawn. (d) The agency may solicit investments by private institutions or investors in the activities of the fund and may reach agreements with such private institutions or investors regarding the terms of such investments including, without limitation, the rights of such investors to participate in the income or appropriation of the fund. To help secure investments by private institutions or investors in the activities of the fund, the advisory committee may develop a proposal relative to the creation of a separate investment entity which would allow for the commingling of the resources of the fund with the maximum participation by such private institutions or investors in a manner which is consistent with the public purpose of the fund and under terms and conditions calculated to protect and preserve the assets of the fund; provided, however, that if the creation or operation of such a separate entity as proposed by the advisory committee would require additional or clarifying amendments to this chapter, said proposal shall include proposed statutory language. (e) Copies of the approved rules and modifications to the rules shall be submitted to the chairs of the house and senate committees on ways and means and the joint committee on economic development and emerging technologies and the clerks of the house of representatives and the senate. (f) Qualified investment transactions undertaken by the agency on behalf of the advisory committee under this section shall not, except as specified in this section, be subject to chapter 175, and shall be payable solely from the fund and shall not constitute a debt or pledge of the faith and credit of the commonwealth, the agency or any subdivision of the commonwealth. (g) The agency, on behalf of the advisory committee, shall not make an expenditure from or commitment of the assets of the fund, including, without limitation, the making of qualified investments secured by the fund, if making such a qualified investment would reduce the amount of the fund below the minimum requirement established by law, unless the agency, at the time of making of such qualified investment, deposits in the fund from the proceeds of that qualified investment or from any fees and charges imposed relative to the making of qualified investments, or otherwise, an amount which, together with the amount in the fund, shall not be less than the minimum requirement; provided, however, that at no time shall the minimum requirement of the fund be less than the maximum amount of principal and interest becoming due in the current and succeeding fiscal year of the agency on all outstanding bonds and other obligations which are secured by the fund or such greater amount as may be set forth in the rules governing the fund.

M.G.L. c. 23G, § 28 Advisory committee; membership; terms; quorum; reimbursement for expenses

c. 23G, § 28. Advisory committee; membership; terms; quorum; reimbursement for expenses Section 28. (a) There shall be an advisory committee to the Emergency Technology Fund established in section 27 which shall consist of the director of the Massachusetts office of business development, the director of the John Adams Innovation Institute, the president of the Massachusetts Technology Development Corporation, 3 persons to be appointed by the governor, 1 of whom shall be a representative of an emerging technology industry, 1 of whom shall have knowledge of financing of emerging technology companies and 1 of whom shall have knowledge of technology transfer and commercialization activities at research institutions, and 3 persons to be appointed by the board of the agency, 1 of whom shall be a representative of an emerging technology industry, 1 of whom shall have knowledge of financing of emerging technology companies and 1 of whom shall be a member of the agency's board of directors; provided, however, that the director of the John Adams Innovation Institute and the president of the Massachusetts Technology Development Corporation may designate another person to act in such member's place for a particular purpose, including the right to attend and vote at a meeting of the advisory committee. Each appointed member of the advisory committee shall serve for a term of 3 years or until such member's successor is appointed; provided, however, that 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 1 year, 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 2 years, and 1 of the governor's initial appointees and 1 of the board of the agency's initial appointees shall serve for a term of 3 years. A person appointed to fill a vacancy on the advisory committee shall be appointed in a like manner and shall be eligible for reappointment. A member of the advisory committee appointed by the governor may be removed by the governor for cause. A member of the advisory committee appointed by the board of the agency may be removed by the board of the agency for cause. (b) The members shall annually elect a chairman and vice chairman and shall adopt by-laws governing the affairs of the advisory committee. Five members of the advisory committee shall constitute a quorum and the affirmative vote of a majority of the members present and eligible to vote at a meeting shall be necessary for an action to be taken by the advisory committee; provided, however, that no vacancy in the membership of the advisory committee shall impair the right of a quorum to exercise the powers of the advisory committee. (c) The members shall serve without compensation, but each member shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of official duties. (d) The advisory committee may meet as often as the members shall decide; provided, however, that it shall meet at least once in each calendar quarter and its approval shall be necessary for an expenditure from, or commitment of, the assets of the fund or entry into contracts of the type specified in subsection (g). (e) The advisory committee may, by majority vote, elect, in its discretion, to delegate some or all of the committee's approval rights to the board or the staff of the agency; provided, that, any such delegation may be revoked at any time by majority vote of the advisory committee. (f) The agency shall manage the qualified investments made from the fund on behalf of the advisory committee including, without limitation, the closing, servicing, monitoring, underwriting and where appropriate, the enforcement of rights with respect to such management and shall provide such staff and supporting assistance as deemed appropriate by the board of directors of the agency to enable the advisory committee to discharge its duties in a manner consistent with its public purpose. Subsection (d), subsections (f) to (i), inclusive and subsection (l) of section 2 of this chapter shall also apply to the members and affairs of the advisory committee. (g) The advisory committee and the agency may award 1 or more contracts with regard to the management of the fund, which may provide performance-based incentives, with regard to such management.

M.G.L. c. 23G, § 29 Debt obligations

c. 23G, § 29. Debt obligations Section 29. The Agency may provide by resolution for the issuance from time to time of debt obligations of the Agency for any of its corporate purposes, provided, however, that the Agency shall issue debt obligations under this section the principal amount of which, when added to the principal amount of debt obligations issued by the Agency under this section and then outstanding, excluding debt obligations previously refunded or being or to be refunded thereby, shall not exceed $300,000,000. All such debt obligations shall be negotiable for all purposes without regard to any other law, subject only to the provisions of any such debt obligations for registration. Debt obligations issued hereunder may be secured by the full faith and credit of the Agency, by a pledge of any revenues, receipts or other assets or funds of the Agency, by mortgages or other instruments covering all or any part of any and all real property of the Agency, including any additions, improvements, extensions to or enlargements of any real property thereafter made, or by any one or more of the foregoing, all as may be determined by the Agency. Debt obligations may be dated, may bear interest at such rate or rates, including rates variable from time to time, may be payable in any domestic or foreign currency and at any domestic or foreign location and may mature or otherwise be payable at such time or times as may be provided for by the Agency, and may be made redeemable or determinable prior to maturity at the option of the Agency or the holder thereof at such price or prices and under such terms and conditions as may be fixed by the Agency. The Agency shall determine the form of debt obligations and the manner of execution, denomination or denominations and place or places of payment thereof. In case any officer whose signature or a facsimile of whose signature shall appear on any debt obligations shall cease to be such officer before the delivery thereof, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if such officer had remained in office until after such delivery. The Agency may provide for the authentication of debt obligations by a trustee, fiscal agent, registrar or transfer agent. The Agency may by resolution delegate to the executive director or any member or members of the board of directors of the Agency, or any combination of them, the power to determine any of the matters set forth in this section. In the discretion of the Agency, debt obligations of the Agency may be issued with such terms as will cause the interest thereon to be subject to federal income taxation. The Agency may sell its debt obligations in such manner, either at public or private sale, for such price, at such rate or rates of interest, or at discount in lieu of interest, as it determines will best effectuate its corporate purposes. In the discretion of the Agency, any debt obligations issued hereunder may be secured by a resolution of the Agency or by a trust agreement between the Agency and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the commonwealth, and any such trust agreement shall be in such form and executed in such manner as may be determined by the Agency. Such trust agreement or resolution may pledge or assign, in whole or in part, any revenues and funds held or to be received, and any mortgages or other loan collateral held or to be acquired, by the Agency and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the Agency, and the proceeds thereof. Such trust agreement or resolution may contain such provisions for protecting and enforcing the rights, security and remedies of holders of debt obligations as may be reasonable and proper, including, without limiting the generality of the foregoing, provisions defining defaults and providing for remedies in the event thereof which may include the acceleration of maturities, restrictions on individual right of action by holders of debt obligations and covenants setting forth duties of and limitations on the Agency in relation to the conduct of its programs and the management of its property, the custody, safeguarding, investment and application of moneys, the issuance of additional or refunding debt obligations, the establishment of reserves and the making and amending of contracts. In addition to other security provided herein or otherwise by law, debt obligations issued by the Agency may be secured, in whole or in part, by financial guaranties, by insurance or by letters of credit issued to the Agency, or a trustee, or any other person by any bank, trust company, insurance or surety company or other financial institution, within or without the commonwealth, and the Agency may pledge or assign, in whole or in part, any revenues and funds held or to be received, and any mortgages or other loan collateral held or to be acquired, by the Agency and any contract or other rights to receive the same, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the Agency, and the proceeds thereof, as security for such guaranties or insurance or for the reimbursement by the Agency to the issuer of any such letter of credit of any payments made under such letter of credit. It shall be lawful for any bank or trust company to act as a depository or trustee of the proceeds of debt obligations, revenues or other moneys under any such trust agreement or resolution and to furnish such indemnification or to pledge such securities and issue such letters of credit as may be required by the Agency. Any such trust agreement or resolution may set forth the rights and remedies of holders of debt obligations and of the trustee and may restrict the individual right of action by holders of debt obligations. Any pledge of revenues or other property made by the Agency under the provisions of this chapter, including, without limitation, any pledge by the Agency of its rights to receive payments of any kind from or for the account of mortgagors under mortgages, participations therein or subsidy, guaranty, insurance or other contracts relating thereto, and of its revenues and other property, and of the mortgages, notes, such participations, such subsidy, guaranty, insurance or other contracts or other collateral, and of the proceeds of any or all thereof, shall be valid and binding and shall be deemed continuously perfected for the purposes of the Uniform Commercial Code and other laws from the time when such pledge is made. The revenues, moneys, property, rights and proceeds so pledged and then held or thereafter acquired or received by the Agency shall immediately be subject to the lien of such pledge without any physical delivery or segregation thereof or further act, and the lien of any such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Agency, regardless of whether such parties have notice thereof. Neither the resolution, any trust agreement nor any other agreement by which a pledge is created need be filed or recorded except in the records of the Agency, and no filing need be made under the Uniform Commercial Code or any other law. Any holder of a debt obligation issued by the Agency under the provisions of this chapter and any trustee under a trust agreement or resolution securing the same, except to the extent the rights herein given may be restricted by such trust agreement or resolution, may bring suit upon the debt obligations and may, either at law or in equity, by suit, action, mandamus or other proceeding for legal or equitable relief, including proceedings for the appointment of a receiver to take possession and control of the business and properties of the Agency, to operate and maintain the same, to make any necessary repair, renewals and replacements in respect thereof and to fix, revise and collect fees and charges, protect and enforce any and all rights under the laws of the commonwealth or granted hereunder or under such trust agreement, resolution or other agreement and may enforce and compel the performance of all duties required by this chapter or by such trust agreement or resolution to be performed by the Agency or by any officer thereof. Debt obligations issued by the Agency under this chapter are hereby made securities in which all public officers and public bodies of the commonwealth and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such debt obligations are hereby made securities which may properly and legally be deposited with and received by any commonwealth or municipal officer or any agency or political subdivision of the commonwealth for any purpose for which the deposit of bonds or obligations of the commonwealth is now or may hereafter be authorized by law. Debt obligations issued by the Agency under the provisions of this chapter shall not be deemed to be a debt or a pledge of the faith and credit of the commonwealth, except to the extent provided pursuant to the provisions of this chapter, but, except as aforesaid, shall be payable solely from the funds of the Agency from which they are made payable pursuant to the provisions of this chapter. All debt obligations issued by the Agency under the provisions of this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation of every kind by the commonwealth and by the cities, towns and other political subdivisions in the commonwealth. The provisions of this section shall not apply to any debt obligations, bonds, notes or loans issued by the Massachusetts Industrial Finance Agency, nor to any bonds or debt obligations of the Massachusetts Development Finance Agency Agency issued pursuant to section 8, nor in any way limit, derogate or diminish the powers of said Massachusetts Development Finance Agency. Annually, not later than July 1, the Agency shall report on the allocation of Agency debt obligations for its corporate purposes for each fiscal year. A copy of the allocation report shall be filed with the clerks of the house of representatives and senate.

M.G.L. c. 23G, § 29A Brownfields Redevelopment Fund

c. 23G, § 29A. Brownfields Redevelopment Fund Section 29A. (a) There is hereby established and placed within the Massachusetts Development Finance Agency, referred to in this section as the agency, the Brownfields Redevelopment Fund, referred to in this section as the fund, into which shall be credited: (1) any appropriations or other monies authorized by the general court and specifically designated to be credited to the fund; (2) fees authorized by subsection (h); (3) grants, gifts or any other monies directed to the fund; and (4) any income derived from an investment of amounts credited to the fund. (b) As used in this section the following words shall have the following meanings unless the context clearly requires otherwise: "Environmental cleanup action'', activities including, but not limited to, environmental site assessments undertaken to contain or remove from land or structures, oil or hazardous material as defined in chapter 21E and regulations promulgated pursuant thereto, in compliance with all applicable laws. "Environmental site assessment'', activity undertaken in compliance with the applicable laws to determine: (i) the existence, source, nature and extent of a release or threat of release of oil or hazardous materials; or (ii) the extent of danger to the public health, safety, welfare and the environment. "Loan'', a loan or credit enhancement including, but not limited to a loan guarantee, letter of credit or insurance. "Project site'', a vacant, abandoned or underutilized industrial or commercial property where real or perceived environmental contamination and liability is an obstacle to the redevelopment or improvement of such property. "Priority project'', a project eligible for funding under this section as to which the municipality in which the site of such project is located has made, or will make, available substantial funds in the form of grants, loans or abated property taxes for such site, in furtherance of the purposes of this section and as to which the agency has designated such project as a priority project. "Site'', a place or area where oil or hazardous material has been released, as further defined in section 2 of chapter 21E. (c) The agency shall hold the fund in an account segregated from other agency funds and accounts and shall utilize, invest or reinvest the proceeds of the fund and income derived therefrom for the following general purposes: (1) to encourage economic development in the commonwealth by providing loans and grants to finance environmental site assessments and environmental cleanup actions; (2) to defray costs incurred in the administration of the fund, as provided in subsections (g) and (h) and in the fund guidelines; and (3) to purchase with funds not immediately required for use pursuant to clauses (1) and (2), such securities as may be lawful investments for fiduciaries in the commonwealth. (d) The agency may make and administer grants and loans to finance environmental site assessments and environmental cleanup actions provided that: (1) the project is located at a project site; (2) 30 per cent of all funds administered provide grants and loans to finance environmental site assessments; (3) an applicant shall transfer the results of the environmental assessment to the regional office of the department of environmental protection if such applicant does not proceed with development of the project for which the project site was assessed with loan monies from the fund; (4) no single project, other than a priority project, shall receive a grant or loan to conduct environmental cleanup actions which shall exceed $750,000 of the assets of the fund; (5) no single project, other than a priority project, shall receive a grant or loan to conduct environmental site assessments which shall exceed $250,000 of the assets of the fund; (6) no single priority project shall represent a commitment of more than $2,000,000 of the assets of the fund; (7) no loan made hereunder shall be utilized to finance all of the costs required to complete the response action at a project site, the required match to be set forth in the fund guidelines, except that the required match may be waived in whole or in part by the agency; (8) no grant shall be awarded unless and until the applicant for such grant contributes an amount equal to 20 per cent of the grant for which such applicant has applied; provided, however, that the required contribution may be in the form of in-kind services or other non-cash contribution as the agency may determine in its reasonable discretion; (9) no loan or grant shall be made for an environmental site assessment or environmental cleanup action eligible for funding under chapter 21J; (10) security for loans made hereunder may be subordinate to private or other financing provided for the site acquisition, cleanup or development of the project site; (11) grants shall be provided only to a city or town, redevelopment authority, redevelopment agency, economic development and industrial corporation, community development corporation, economic development authority or a non-profit entity in connection with a project that has a demonstrable public benefit; provided, however, that the agency shall establish guidelines for non-profit eligibility; and (12) preference shall be given to projects located within 1 mile of an environmental justice population as defined in section 62 of chapter 30. (e) To be eligible for financial assistance from the fund, in addition to the requirements in subsection (d), the applicant and project shall meet the following requirements and the applicant shall submit to the brownfields advisory group and the agency, for the agency's final approval, a completed application providing all information required herein and by the fund guidelines, including: (1) the proposed redevelopment project will result in a significant economic impact in terms of the number of jobs to be created or will contribute to the economic or physical revitalization of the area in which the project site is located and a significant level of community benefits shall be associated with the project; (2) if the applicant is requesting financing for environmental cleanup action costs, assistance from the fund shall be necessary to make the proposed reuse of the project site financially feasible; (3) the applicant shall certify that he: (i) would be liable solely pursuant to clause (1) of paragraph (a) of section 5 of chapter 21E; (ii) did not cause or contribute to the release of oil or hazardous material at the site; (iii) did not own or operate the site at the time of the release; and (iv) does not have a familial relationship or a direct or indirect business relationship, other than that by which the applicant's interest in such property is to be conveyed or financed, with another party that is potentially liable under said chapter 21E with regard to the project site; provided, however, that the provisions of this subclause may be waived with the approval of the board of directors of the agency after full disclosure by the applicant of the familial or business relationship with a potentially responsible party; and (4) the applicant is not subject to any outstanding administrative or judicial environmental enforcement action unless the applicant has entered into an agreement with the department of environmental protection or the attorney general to resolve such enforcement action with respect to the property under consideration for assistance from the fund and with respect to any other properties located within the commonwealth for which the applicant is liable pursuant to chapter 21E. (f) In evaluating an application for financing from the fund, the brownfields advisory group and the agency shall review each applicant's redevelopment project and the brownfields advisory group shall make advisory recommendations to the agency. The agency shall take into consideration the following factors: (1) the level of unemployment and poverty in the municipality and in the census tract, if any, within the municipality in which the project site is located; (2) the likelihood that the proposed response action will be adequate to clean up the property in accordance with the requirements of all applicable laws; (3) the presence of community benefits associated with the project including, without limitation, the creation or revitalization of open space; (4) the proximity of the property to existing transportation and utility infrastructure appropriate to support the proposed reuse of the project site; (5) whether the project site is located in an area designated as a federal empowerment zone or enterprise community pursuant to 42 U.S.C. section 11501 et seq; and (6) whether the municipality in which the site of such project is located has made available substantial funds, in the form of grants, loans, or abated property taxes for said site, in furtherance of the purposes of this section. (g) The agency shall not be liable under chapter 21E for any claim, loss, cost, damage or injury of any nature whatsoever arising in connection with its administration of the fund and the environmental condition of the eligible property unless such loss, cost, injury or damage is caused by the gross negligence or willful misconduct of the agency, its officers, directors, employees or agents and their actions cause or contribute to the contamination of the property or exposure to the contaminants. Neither the provision of a loan or grant nor the failure to provide a loan or grant to an applicant shall be considered a basis of liability for the agency. (h) The agency may charge fees for defraying the ordinary and necessary expenses of administration and operation associated with the fund. All fees received hereunder shall be deposited into the fund. (i) Except as otherwise provided, the agency shall have full power to manage its loans, grants and business affairs in connection with the fund. (j) Prior to approving a loan or grant hereunder, the agency shall, with the advice of the brownfields advisory group, promulgate regulations which shall provide the definitions and procedures required hereunder and set forth the terms, procedures and standards which the agency shall employ to process applications, make lending decisions, safeguard the fund and accomplish the purposes of the fund. (k) On March 15, 1999 and each year thereafter, the agency shall file, in writing, a report to the governor, the attorney general, the commissioner of environmental protection and the clerks of the house of representatives and the senate who shall forward the same to the president of the senate, the speaker of the house of representatives and the chairmen of the house and senate committees on ways and means. Such report shall include financial statements related to the effectiveness of the fund based on the following criteria, as applicable: (i) the number of projects assisted through the fund, with a specification of the amount of loan or grant awarded to each; (ii) the manner in which such projects contribute to the economic and physical revitalization of the areas in which the projects are located and a description of steps taken by the agency to make the application process efficient and manageable; and (iii) such other information that would provide a fair evaluation of the program. (l) There shall be established within the agency a brownfields advisory group. The brownfields advisory group shall be comprised of the following 13 members who shall serve for two year terms: the secretary of economic development or the secretary's designee, the commissioner of environmental protection or his designee and the attorney general or his designee. In addition, the speaker of the house of representatives shall appoint the following five brownfields advisory group members: a hazardous waste site cleanup professional as defined in section 19 of chapter 21A, two representatives of community development corporations, a representative from a municipality and a representative from the lending community. The president of the senate shall appoint the following five brownfields advisory group members: a member of a community-based organization concerned with brownfields redevelopment, a representative from the land use and development community, a member from an environmental advocacy organization, a representative from a municipality and a member of the agency board of directors. The chair of the brownfields advisory group shall be elected by members of said advisory group. For action to be taken by the advisory group, a majority of members shall be present. The director of the office of brownfields revitalization shall serve in an advisory capacity to the brownfields advisory group. (m) The agency shall give a priority to those project sites that are considered by the ombudsman and the secretary of housing and economic development to be of substantial economic benefit to the community and which will result in the creation or retention of jobs for that community. [ Subsection (n) effective until August 5, 2025. For text effective August 5, 2025, see below.] (n) The brownfields advisory group shall advise the agency in establishing guidelines pursuant to subsection (j). The brownfields advisory group shall convene on a monthly basis in order to review actions taken by the agency with respect to the fund and to make any advisory recommendations with respect thereto and, further, shall assist in producing the report required by subsection (k). Subsection (d), subsections (f) to (i), inclusive, and subsection (l) of section 2 shall also apply to the members and affairs of the brownfields advisory group. [ Subsection (n) as amended by 2025, 14, Sec. 16 effective August 5, 2025. For text effective until August 5, 2025, see above.] (n) The brownfields advisory group shall advise the agency in establishing guidelines pursuant to subsection (j). The brownfields advisory group shall review actions taken by the agency with respect to the fund and to make any advisory recommendations with respect thereto and, further, shall assist in producing the report required by subsection (k). Subsection (d), subsections (f) to (i), inclusive, and subsection (l) of section 2 shall also apply to the members and affairs of the brownfields advisory group. (o) The brownfields advisory group shall nominate a total of three candidates for the position of director of the office of brownfields revitalization who shall serve as the brownfields ombudsman as defined in section 19 of chapter 21E. The governor may appoint one of the three nominated candidates or select a candidate of his choice to serve as director of the office of brownfields revitalization.

M.G.L. c. 23G, § 30 Accounts of receipts and expenditures; annual report

c. 23G, § 30. Accounts of receipts and expenditures; annual report Section 30. The Agency shall keep accurate accounts of all receipts and expenditures of the Government Land Bank Fund; and shall make a report annually containing an abstract of such accounts and detailed information on all receipts and expenditures, including prices paid for lands purchased, the terms upon which loans, loan guarantee and grants were made, and such other detailed information as provided in section 14. Except as otherwise provided by this chapter, the Agency shall have full power to exercise care of its property and management of its loans, loan guarantees, grants, business and affairs, and to sell and convey any lands as provided by this chapter, by deed or other instrument sealed with its corporate seal, signed and acknowledged by a majority of the board of directors of in like manner to authorize such sale and conveyance by any of its officers or agents.

M.G.L. c. 23G, § 31 Rents and charges for services or facilities furnished or supplied by agency

c. 23G, § 31. Rents and charges for services or facilities furnished or supplied by agency Section 31. Rents and charges for services or facilities furnished or supplied by the Agency shall not be subject to supervision or regulation by any department, division, commission, board, bureau or Agency of the commonwealth or any political subdivision thereof.

M.G.L. c. 23G, § 32 Liability in contract or tort

c. 23G, § 32. Liability in contract or tort Section 32. Except to the extent otherwise provided at law including, without limitation, section 12 of chapter 498 of the acts of 1993, the Agency shall be liable in contract or in tort in the same manner as a private corporation. The directors, employees, officers and agents of the Agency shall not be liable as such on its contracts or for torts not committed or directly authorized by them. The property or funds of the Agency shall not be subject to attachment or to levy and sale on execution, but if the Agency refuses to pay a judgment entered against it in any court of competent jurisdiction, the superior court, sitting within and for the county in which the Agency is situated, may direct the treasurer of the Agency to pay such judgment. The lands of the Agency shall not be subject to liens under chapter 254.

M.G.L. c. 23G, § 33 Exemption from taxation

c. 23G, § 33. Exemption from taxation Section 33. The lands and tangible personal property of the Agency shall be deemed to be public property used for essential public and governmental purposes and shall be exempt from taxation and from betterments and special assessments. Nothing in this chapter shall be construed to prevent the taxation to the same extent and in the same manner as other lands are taxed, of lands acquired by the Agency and sold by it, or of lands so acquired by the Agency and leased by it; provided, however, that lands so acquired by the Agency and sold or leased to an urban redevelopment corporation or other entity operating under chapter 121A, or the economic development and industrial corporation of Boston, or such other corporation as may be established by special law for, or other entity operating under said chapter 121A and authorized by special law with respect to the redevelopment of lands formerly used for Westover Air Force Base, the Chelsea Naval Hospital, or the Boston Naval Shipyard, including the South Boston Annex, the Boston Army Base and all other lands owned by the United States of America and used in connection with or for purposes related to the operations of the Boston Naval Shipyard or the Boston Army Base, shall be taxed as provided in such chapter or special law and not otherwise.

M.G.L. c. 23G, § 34 Annual report

c. 23G, § 34. Annual report Section 34. The Agency shall annually submit to the governor, the chairman of the senate ways and means committee, the chairman of the house ways and means committee, the secretary of administration and finance, and the comptroller within 90 days after the end of its fiscal year a complete and detailed report setting forth its operations and accomplishments; its receipts and expenditures during such fiscal year; and, its assets and liabilities at the end of its fiscal year.

M.G.L. c. 23G, § 35 Building projects; contracting or incurring obligations for project design or construction

c. 23G, § 35. Building projects; contracting or incurring obligations for project design or construction Section 35. As used in this section the words ''building project'' shall mean a project undertaken for the design, construction, installation, repair or maintenance of building and appurtenant structures, facilities and utilities directly by the Agency in the exercise of its powers under clauses (23) and (26) to (29), inclusive of section 3, but not in the exercise of any of its other powers, including initial equipment and furnishings thereof, but not including appurtenant buildings or structures which are required to be constructed as integral parts of the development of sewer, water and highway systems, or the design, construction, installation, repair or maintenance of any building financed in whole or in part through loans or through the purchase and sale of such building by the Agency pursuant to this chapter. The Agency shall not enter into any contract nor incur any other obligation for the design of a building project unless the design work can be accomplished (a) within any applicable appropriation or authorization for the project or within the project cost limits specified by any applicable appropriation or authorization and (b) without substantial deviation from any (i) study or program which must be prepared in accordance with this section or (ii) any other pre-design document which must be prepared in accordance with any other statute, appropriation or authorization or administrative directive consistent therewith, and unless the executive director of the Agency certifies in writing that such project complies with the provisions of this section. In no event shall the design work be such as would result in a change in the number of square feet to be constructed in the project of more than ten per cent from the number specified in the study, program or other pre-design document referred to in subclauses (i) and (ii) of clause (b). The Agency shall not enter into any contract nor incur any other obligation for the construction of a building project unless the construction work can be accomplished (a) within any applicable appropriation or authorization for the project and (b) without substantial deviation from (i) any study or program which must be prepared in accordance with this section or (ii) any other pre-design document which must be prepared in accordance with any other statute, appropriation or authorization or administrative directive consistent therewith and unless the executive director of the Agency certifies in writing that such project complies with the provisions of this section. In no event shall the construction work be such as would result in a change in the number of square feet to be constructed in the project of more than 10 per cent from the number specified in the study, program or other pre-design document referred to in subclauses (i) and (ii). Every building project undertaken by the Agency shall be deemed to require the satisfactory completion of a study or program as provided herein before any services for the design or construction of such project may be contracted for, performed by contract or otherwise, or funds allotted, encumbered or expended therefor. No provider of design services for any building project undertaken by the Agency shall be selected by the designer selection board or by the Agency and no design services shall be performed for or by the Agency for any building project for which the satisfactory completion of a study or program is required prior to the design or construction of that project, unless and until: (a) said study, program, or where appropriate, both have been satisfactorily completed; (b) the Agency certifies in writing to the deputy commissioner of capital planning and operations that the study, program, or where appropriate, both, correspond to the current needs of the Agency including its current long term capital facilities development plan; (c) said deputy commissioner requests that one or more of the directors of the office of programming, office of project management, or office of facilities management review the study or program, or where appropriate, both and the director or directors certify in writing to said deputy commissioner that the study, program, or where appropriate, both reflect the Agency's needs as stated, that they provide an accurate estimate of the project requirements, cost and schedule, that the project can be accomplished within any applicable appropriation or authorization for that project, and recommends proceeding with design, construction, or where appropriate, both; and (d) the deputy commissioner of capital planning and operations certifies in writing to the commissioner of administration that the study, program, or where appropriate, both have been satisfactorily completed in accordance with this section and approves proceeding with design, construction, or where appropriate, both. If either the director or directors whose review is requested or the deputy commissioner of capital planning and operations should fail to so certify, recommend, or approve, said deputy commissioner shall forthwith send notice of his decision and the reasons therefor to the commissioner of administration and to the house and senate committees on ways and means.

M.G.L. c. 23G, § 36 Interests in land, mortgages, liens and security interests; transfer upon termination of agency

c. 23G, § 36. Interests in land, mortgages, liens and security interests; transfer upon termination of agency Section 36. Upon termination of the Agency's existence, title to all lands or any interest therein, which immediately prior to said termination, is held by the Agency, and all mortgage and other titles, liens upon and security interests therein so held by the Agency in or upon lands or interests therein theretofore disposed of by the Agency, shall be, without further action be transferred to and shall be vested in the commonwealth and shall be under the control of the executive office for administration and finance. The secretary of administration and finance is hereby authorized to hold, protect, maintain, and use such lands, or any interest therein, as he deems necessary or desirable to facilitate disposition of such lands or any interest therein, and to dispose of such lands, or any interest therein, by sale, lease or otherwise. The proceeds of any disposition of such lands, or any interest therein, shall be paid into the treasury of the commonwealth and shall be used solely toward meeting the debt service obligations of the General Fund.

M.G.L. c. 23G, § 37 Monies credited to Government Land Bank Fund; reversion upon termination of agency

c. 23G, § 37. Monies credited to Government Land Bank Fund; reversion upon termination of agency Section 37. Upon the termination of the Agency's existence, all monies credited to the Government Land Bank Fund shall, after payments, other than the interest on or the principal of any bonds and notes issued pursuant to this chapter, due on account of the Agency shall have been made, revert to the treasury of the commonwealth and shall be used solely toward meeting the debt service obligations of the General Fund.

M.G.L. c. 23G, § 38 Books, papers, records, documents and equipment; transfer upon termination of agency

c. 23G, § 38. Books, papers, records, documents and equipment; transfer upon termination of agency Section 38. Upon the termination of the Agency's existence, all books, papers, records, documents, and equipment, which immediately prior to said termination, are in the custody of the Agency, and which relate to or are maintained for the purpose of the exercise of the Agency's powers or the performance of the Agency's duties and all assets of the Agency of every kind and nature, shall be transferred without further action to the secretary of administration and finance.

M.G.L. c. 23G, § 39 Agreements, contracts, leases and other obligations; performance and enforcement upon termination of agency

c. 23G, § 39. Agreements, contracts, leases and other obligations; performance and enforcement upon termination of agency Section 39. Upon the termination of the Agency's existence, all then existing agreements, contracts, leases and other obligations of the Agency or to which the Agency is a party which relate to the exercise of its powers or the performance of its duties and which are in force immediately prior to said termination, shall be performed, and may be enforced for the benefit of the commonwealth, by the secretary of administration and finance. This section shall not affect any renewal provision or option to renew contained to any such lease in existence on said termination date, all of which may thereafter be exercised by said secretary.

M.G.L. c. 23G, § 40 Proceedings and prosecutions pending upon termination of agency

c. 23G, § 40. Proceedings and prosecutions pending upon termination of agency Section 40. Upon the termination of the Agency's existence, all petitions, hearings and other proceedings duly brought before, and all prosecutions and legal and other proceedings duly begun by the Agency which arise from or relate to the exercise of its powers or the performance of its duties, and which are pending immediately prior to said termination, shall continue unabated and remain in force notwithstanding said termination, and shall thereafter be completed before or by the secretary of administration and finance.

M.G.L. c. 23G, § 41 Incubator Program Fund

c. 23G, § 41. Incubator Program Fund Section 41. There is hereby established the Incubator Program Fund which shall be under the control of the Agency, but shall consist of a separate account or accounts segregated from other Agency funds, to which shall be credited any appropriations made to said Fund, together with such other amounts as may become available from any other source. The Agency may from time to time withdraw from said amounts as may be necessary to defray costs and expenses incurred by the Agency in connection with any project undertaken by the Agency pursuant to this chapter.

M.G.L. c. 23G, § 42 Massachusetts Cultural Facilities Fund

c. 23G, § 42. Massachusetts Cultural Facilities Fund Section 42. (a) It is in the best interest of the commonwealth to promote the prosperity and general welfare of all citizens by enhancing cultural activities throughout the commonwealth by partially financing the acquisition, construction, expansion, renovation and repair of our cultural facilities. Preserving cultural resources may stimulate further investment in the arts, heritage, entertainment, humanities and interpretive sciences, which will increase employment and entrepreneurial opportunities for the citizens of the commonwealth and increase tourism to the regions where these facilities are located, including tourism from outside the commonwealth. (b) (1) As used in this section and section 43, the following terms shall, unless the context clearly requires otherwise, have the following meanings:- ''Agency'', the Massachusetts Development Finance Agency. ''Applicant'', a cultural organization, as defined in this section, that has submitted an application for financial assistance from the fund. ''Committee'', the cultural facilities advisory fund committee. ''Cultural facility'', a building, structure or site that is, or will be, owned, leased or otherwise used by 1 or more cultural organizations and that is accessible to the public and exempt from income taxation pursuant to section 501 (c)(3) of the Internal Revenue Code. The term cultural facility may include, but shall not be limited to, museums, historical sites, zoos, aquariums, nature or science centers, theaters, concert halls, exhibition spaces, classrooms and auditoriums suitable for presentation of performing or visual arts. Municipally owned buildings, structures or sites must be a minimum of 50,000 square feet in size, of which at least 50 per cent is used as a cultural facility; provided, however, that if such building, structure or site is 125 years old or older and is significant in the history, archeology, architecture or culture of the nation, the commonwealth or the community in which it is located, it may be of any size. Public or private institutions of higher education may qualify if they demonstrate that their cultural facility provides service and open access to the community and the general public outside of the regular educational mission of the public or private institute of higher education and demonstrates financial need. ''Cultural organization'', a nonprofit, public or private, civic educational or professional organization or educational foundation which is primarily concerned with the arts, humanities, interpretive sciences or local arts and which is exempt from income taxation pursuant to section 501 (c)(3) of the Internal Revenue Code. Public or private institutions of higher education may qualify if they demonstrate that their cultural organization provides service and open access to the community and the general public outside of the regular educational mission of the public or private institute of higher education demonstrates and financial need. ''Director'', the executive director of the Massachusetts Development Finance Agency. ''Eligible project'', the acquisition, design, construction, repair, renovation, rehabilitation or other capital improvement or deferred maintenance of a cultural facility consistent with this section. ''Feasibility and technical assistance grant'', a direct grant of monies from the fund subject to matching grant requirements, to an applicant for payment of the costs and expenses related to the undertaking and completion of a planning and feasibility study for a proposed eligible project; provided, however, that no such grant shall exceed $50,000. The agency may award a feasibility and technical assistance grant only upon its finding that: (i) the project is an eligible project; (ii) there is a demonstrated need for the project; (iii) the project will benefit tourism in the local area; (iv) there is a demonstrated financial need for the grant or loan; (v) there is local support for the project; and (vi) if undertaken, the proposed project would qualify as an eligible project. ''Fund'', the Massachusetts Cultural Facilities Fund. ''Grant'', a direct grant of monies from the fund to an applicant for payment of the costs of an eligible project, except that the amount of any single grant awarded from the fund shall not exceed $5,000,000. ''Loan'', a direct loan of monies from the Fund to an applicant to finance a portion of the cost of an eligible project, except that the amount of any single loan awarded from the fund shall not exceed $5,000,000. ''Massachusetts cultural council'', a public instrumentality created pursuant to section 52 of chapter 10. ''Matching funding'', private or public monies donated or appropriated to an eligible project in the proportions to the qualified investment as set forth in subsection (c). ''Public body'', the commonwealth and any body politic and corporate of the commonwealth, including any political subdivision thereof, or any consortium of any contiguous subdivisions and any federal agency. ''Qualified investment'', a grant, including a feasibility grant, loan, guarantee or other financing or credit enhancement device provided under the Fund for an eligible project. (2) There shall be the Massachusetts Cultural Facilities Fund, under the control of the agency, to which shall be credited, subject to appropriation, for any fiscal year in which revenues deposited into the Massachusetts Tourism Fund, established pursuant to section 35J of chapter 10, exceed the amounts deposited into the Massachusetts Tourism Fund in the previous fiscal year, 50 per cent of the increase in revenues beyond amounts received in the prior fiscal year by the Massachusetts Tourism Fund from the tax imposed by section 3 of chapter 64G, section 22 of chapter 546 of the acts of 1969 or any appropriation made pursuant to section 35J of chapter 10. In addition to the funds set forth in the preceding sentence, the fund shall be credited, subject to appropriation, in each fiscal year after the first appropriation to the fund, an additional amount not less than the previous fiscal year's appropriation. The fund shall also be credited in each fiscal year, subject to annual appropriation, an amount equal to the funds previously appropriated annually for payment of principal and interest on obligations issued for the rehabilitation, operation and maintenance of the Hynes convention center, or in no case less than $13,000,000 per annum. The fund shall also be credited with all bond proceeds, federal funds, private contributions, loans or other monies lawfully made available to the fund. The purpose of the fund shall be to make grants, and loans when appropriate, to finance eligible projects. Applicants may apply to the Fund for a feasibility and technical assistance grant, a grant and a loan for the acquisition, construction, expansion, renovation or repair of cultural, entertainment, public venues or other commercial facilities, and the agency may make a qualified investment in such a project upon its finding that: (i) the project is an eligible project; (ii) there is a demonstrated need for the project; (iii) the project will benefit tourism in the local area; (iv) there is a demonstrated financial need for the grant or loan; and (v) there is local support for the project. The agency shall hold the fund in a separate account, segregated from all other agency funds. Except as hereinafter provided, the agency may invest and reinvest the Fund and the income thereon: (i) in making qualified investments; (ii) in investing funds not required for immediate disbursement in the purchase of such securities as may be lawful investments for fiduciaries in the commonwealth; (iii) for paying binding obligations associated with the qualified investments which are secured by the fund as the same become payable; (iv) for paying the principal and interest on qualified investments secured by the fund or the payments of any redemption premium required to be paid when such obligations are redeemed prior to maturity; and (v) for the reasonable costs of administering the fund, provided that the costs shall not exceed 7.5 per cent of the total loans or grants made annually. (3) To the extent feasible, the agency may issue bonds on behalf of the fund. Bond proceeds shall be used for the purposes authorized by this section. The bonds shall be issued as revenue bonds and shall be recourse only to the funds appropriated or otherwise contributed under this section and such reserve funds as may be expressly created to guarantee the same. The bonds shall not be general obligations of either the agency or the commonwealth. Bonds issued in furtherance of this section shall not be subject to, or otherwise included in, the principal amount of debt obligations issued under section 29. (4) The agency shall adopt by-laws or rules necessary to establish a minimum reserve to be maintained by the fund for the purpose of ensuring the fulfillment of any obligations incurred as a result of any bonds issued by the agency on behalf of the Fund. No qualified investment may be made where the expenditure would reduce the fund's assets to an amount below the minimum reserve. (5) The agency shall be reimbursed from the fund for all reasonable and necessary direct costs and expenses incurred in any fiscal year associated with its bond issuance, administration, management and operation of the fund, including reasonable staff time and out-of-pocket expenses and the reasonable and approved administrative costs incurred by the Massachusetts cultural council or such other qualified organization which the agency may contract for services. The agency is authorized to establish a minimum reserve, in addition to such reserve established pursuant to subsection (2), to be maintained by the fund for the purpose of ensuring the satisfaction of the agency's and its agents' administrative costs. (c) The fund may make qualified investments in eligible projects. The fund may make grants to applicants for eligible projects. No grant shall be made pursuant to this section without the required matching funding. The amount of any single grant, other than a feasibility and technical assistance grant awarded from the fund, shall not exceed $5,000,000 per annum. Grants for a total value of: (i) less than $1,000,000 shall be subject to a matching funding requirement of the amount of the grant; (ii) greater than or equal to $1,000,000 and less than $2,500,000 shall be subject to a matching funding requirement of at least twice the amount of the grant; (iii) greater than or equal to $2,500,000 but less than $4,000,000 shall be subject to a matching funding requirement of at least 3 times the amount of the grant; and (iv) greater than or equal to $4,000,000 and not more than $5,000,000 shall be subject to a matching funding requirement of at least 4 times the amount of the grant. Notwithstanding any general or special law to the contrary, as a condition of accepting a grant from the fund, an applicant shall agree that, whenever ownership of any property which was acquired or improved with a grant from the Fund is transferred to a for-profit entity or to an unrelated nonprofit entity which stops operating the property as a cultural facility, the full amount of such grant shall be repaid immediately to the fund. The agency may take a security interest or such other interest in the eligible project as may be necessary to secure its potential repayment rights. (d) Notwithstanding any general or special law to the contrary, the agency shall enter into a contract with the Massachusetts cultural council or another qualified organization to manage some or all of the grant administration process on behalf of the agency. The agency may enter into a contract with another qualified organization to manage some or all of the grant administration process only if the Massachusetts cultural council fails to adequately perform its duties under a duly executed contract, ceases to exist, or for just cause. If the agency enters into a contract with another qualified organization, the agency shall submit, in writing, the reasons for the termination of its contract with the Massachusetts cultural council to the chairs of the joint committee on economic development and emerging technologies and the chairs of the joint committee on tourism, arts and cultural development. A contract executed pursuant to this section shall address, but shall not be limited to: proposed rules and guidelines for the fund, providing technical assistance to potential applicants, reviewing and evaluating applications and providing findings and recommendations to the committee as to which grant applications should be approved and awarded and which should be denied. The agency shall establish rules relative to the Fund, with the advice of the committee. Copies of the rules, and any modifications or amendments thereto, shall be delivered to the clerk of the house of representatives, the clerk of the senate, the chairs of the house and senate committees on ways and means, the chairs of the joint committee on economic development and emerging technologies and the chairs of the joint committee on tourism, arts, and cultural development. (e) The agency shall annually, not later than December 31, submit a report on the Fund's progress to the clerk of the house of representatives, the clerk of the senate, the chairs of the house and senate committees on ways and means, the chairs of the joint committee on economic development and emerging technologies and the chairs of the joint committee on tourism, arts and cultural development. The annual report shall include: (i) a list of grant or loan recipients from the fund; (ii) the associated amounts received by each recipient; (iii) the amount of non-state funding leveraged by the Fund; (iv) the purpose of the grants or loans from the Fund; (v) an annual statement of cash inflows and outflows detailing the sources and uses of the Fund; (vi) a forecast of future payments based on current binding obligations; and (vii) a detailed breakdown of the purposes and amounts of administrative costs charged to the Fund.

M.G.L. c. 23G, § 43 Cultural facilities fund advisory committee; members; review of applications for grant and loans

c. 23G, § 43. Cultural facilities fund advisory committee; members; review of applications for grant and loans Section 43. There shall be a cultural facilities fund advisory committee, the function of which shall be strictly advisory to the agency in connection with the management and operation of the Massachusetts Cultural Facilities Fund. The committee shall consist of the following members: the director of the Massachusetts cultural council or his designee; the director of the office of travel and tourism or his designee; the director of the agency or his designee; and 6 members to be appointed by the governor, 1 of whom shall have expertise in fundraising, 1 of whom shall have expertise in finance and 1 of whom shall have expertise in construction. In appointing members, the governor shall ensure that each of the following geographic regions of the commonwealth is represented: the central area, the greater Boston area, the metro-west area, the northeast area, the southeast area and the western area. All members shall be appointed for a term of 5 years, may be reappointed, and shall serve without compensation, but may be reimbursed from the Fund for ordinary and reasonable in-state travel expenses. The committee may meet as often as the members may determine, but shall meet at least bi-annually, or at such other intervals as may be established by the agency in order to review recommendations made by the Massachusetts cultural council, or such other qualified organization with which the agency contracts, with respect to the Fund and to make any advisory recommendations with respect thereto to the agency. Subsection (d), and subsections (f) to (i), inclusive, and subsection (l) of section 2 shall apply to the members and affairs of the committee. All applications for grants or loans recommended by the Massachusetts cultural council or other such organization with whom the agency may contract shall be reviewed by the committee. The committee shall then issue findings and recommendations to the agency as to which applications should be approved. Only those applications that are recommended by the committee for approval shall be considered by the agency's board of directors for final approval. If the agency's board of directors votes to deny any recommended approval, the agency shall, within 30 days of such action, provide the applicant with a written explanation for such denial.

M.G.L. c. 23G, § 44 Application of other laws to the agency

c. 23G, § 44. Application of other laws to the agency Section 44. The agency shall be subject to section 16G of chapter 6A and section 56 of chapter 23A.

M.G.L. c. 23G, § 45 Commonwealth advanced manufacturing futures program; grants and loans; performance evaluations; annual reports

c. 23G, § 45. Commonwealth advanced manufacturing futures program; grants and loans; performance evaluations; annual reports Section 45. There shall be established within the agency a commonwealth advanced manufacturing futures program. The purpose of the program shall be to support commonwealth companies engaged in manufacturing through programs and shall be administered in a manner that takes into account the needs of manufacturers in all regions of the commonwealth and supports growth in the manufacturing sector statewide. The agency, in consultation with the secretary of economic development and the Massachusetts advanced manufacturing collaborative established under section 10B of chapter 23A, shall design and implement the program. The program shall be eligible to receive funds as appropriated by the general court, including from the Manufacturing Fund, established under section 98 of chapter 194 of the acts of 2011, the board, federal grants and programs, and transfers, grants and donations from state agencies, foundations and private parties, to be held in a separate account or accounts segregated from other funds. The program shall: (i) promote the development of advanced manufacturing through supporting technical assistance for small and mid-sized manufacturers; (ii) foster collaboration and linkages among larger manufacturing companies and smaller supplier manufacturers; (iii) advance workforce development initiatives through training, certification, and educational programs; and (iv) encourage development of innovative products, materials, and production technologies by manufacturers through the transfer of technological innovations and partnerships with research universities, colleges, and laboratories; and promoting regional approaches through sector strategies that allow for various programs, resources and strategies to be aligned and leveraged. The agency shall, through grants, contracts, or loans, administer the program for the purpose of facilitating growth and competitiveness in the field of manufacturing. Loans under the program may be made to manufacturing companies. Grants under this program shall include, but not be limited to, consideration of the following goals: (i) improving access to technical assistance for small and mid-sized manufacturers, including launching pilot demonstrations of best practices in delivering innovation-based technical assistance; (ii) encouraging the adoption of new technologies and advanced manufacturing capabilities into existing companies to improve manufacturing processes and operations; (iii) educating individuals about opportunities for career advancement within high tech and advanced manufacturing through middle school and high school education to support the future manufacturing worker pipeline; (iv) education and skills training through individualized career pathways programs that develop skills and certifications for career growth and opportunities for available jobs or job openings that are anticipated in manufacturing, including internships and on-the-job training which result in an employer or industry recognized credentials and ultimate job placement; (v) fostering academic and industry collaboration, including encouraging technology transfer and commercialization efforts between not-for-profit research institutions, research universities, colleges, and laboratories and advanced and high-tech manufacturers; and (vi) supporting and partnering with existing systems within the commonwealth, including the Massachusetts Manufacturing Extension Partnership, Inc., the Massachusetts Technology Park Corporation doing business as the Massachusetts Technology Collaborative, the Massachusetts Technology Transfer Center, the state workforce development board, regional employment boards, vocational schools, community colleges and other higher education institutions. The agency shall solicit applications through a request for proposals and shall review such applications according to criteria established by the agency; provided, however, that the applications, at a minimum, shall include: (i) a description of the parties involved in the project, including the professional expertise and qualifications of the principals; (ii) a description of the scope of work that shall be undertaken by each party involved in the project; (iii) the proposed budget, including verification of funding from other sources; (iv) a statement of the project objective, including specific information on how the project shall enhance the competitiveness of the manufacturer or manufacturing sector and create or preserve jobs; (v) a statement that sets forth the plan of procedure, the facilities and resources available or needed for the project, and the proposed commencement and termination dates of the project; (vi) a description of the expected significance of the project, including the estimated number of manufacturers or workers served and the estimated number of jobs that could be created, retained or filled as a result of the project; (vii) timely deadlines for the submission of applications and recommendations of grant awards or contracts including provisions for an expedited process of consideration and recommendation in instances when the secretary of economic development certifies the need for timely evaluation and disposition of the application; and (viii) any other information that the agency shall deem necessary. The agency shall reach agreement, with each eligible entity that receives a grant or enters into a contract under this section, on performance measures and indicators that shall be used to evaluate the performance of the eligible entity in carrying out the activities described in their application, or any other indicators determined to be necessary to evaluate the performance of the eligible entity. Each eligible entity shall submit an annual report for the duration of the program or partnership funded through the collaborative for its review. The agency shall be reimbursed from the fund for all reasonable and necessary direct costs and expenses incurred in any fiscal year associated with its administration, management and operation of the fund, including reasonable staff time and out-of-pocket expenses and the reasonable and approved administrative costs. The agency may promulgate such rules and regulations as are necessary to implement the purposes of the program, including procedures describing the application process and criteria to be used in evaluating application for grants under this section. The agency, in consultation with the collaborative under said section 10B of said chapter 23A, shall submit an annual report to the clerks of the house of representatives and the senate who shall forward the report to the senate and house committees on ways and means, the joint committee on economic development and emerging technologies and the joint committee on labor and workforce development on or before December 31. The report shall include a current assessment of the progress of each program funded through the manufacturing grant program and the progress of the advanced manufacturing collaborative activity, including any recommendations for legislation.

M.G.L. c. 23G, § 46 Transformative Development Fund

c. 23G, § 46. Transformative Development Fund Section 46. (a) There shall be established and set up on the books of the commonwealth a Transformative Development Fund within the Massachusetts Development Finance Agency. In carrying out its duties under this section, the agency may utilize the fund as provided in this section to make equity investments and provide technical assistance to revitalize and support residential, commercial, industrial and institutional development, or any combination thereof, and to provide financial assistance to promote collaborative workspaces in gateway municipalities. The fund shall be administered and managed by a fund director who shall be appointed by the executive director of the agency. The agency may adopt guidelines necessary to implement the program. The fund may coordinate with other agencies and instrumentalities of the commonwealth to effectuate this section. (b) The liabilities and obligations of the fund shall not extend beyond the monies which are deposited in the fund and shall not constitute a debt or pledge of the faith and credit of the commonwealth or any political subdivision of the commonwealth. (c) Monies in or received for the fund may be deposited with and invested by any institution designated by the treasurer of the agency at the sole discretion of the treasurer and paid as the fund director shall direct. Any return on investment received by the fund as a result of the deposits and the agency's equity investments shall be deposited and held for the use and benefit of the fund. The treasurer may make payments from the deposit accounts for use under this section. The agency may be reimbursed annually from the fund for all reasonable and necessary direct costs and expenses incurred with its administration, management and operation of the fund, including reasonable staff time, out-of-pocket expenses and administrative costs. (d) The fund may apply for and accept subventions, grants, loans, advances and contributions from any source of money, property, labor or other things of value to be held, used and applied in furtherance of this section. (e) The agency shall use the fund to make equity investments in property that the agency has determined has the potential to constitute transformative development in a gateway municipality. With respect to any property acquired by the fund, the agency may pledge its ownership interest, physical assets held by the ownership entity or any portion of the anticipated gross revenue resulting from the equity investments of the fund to secure loans related to development of the property. The agency may not cross-collateralize the fund's investments in the property. (f) The fund director shall allocate a portion of the original capitalization of the fund, not to exceed 20 per cent, to provide technical assistance to revitalize and support development in gateway municipalities by utilizing any of the following methods of providing technical assistance: (i) grants to support the hiring of professional staff or professional services by a gateway municipality or any instrumentality of the gateway municipality; (ii) reimbursement for professional staff employed by the agency and embedded in a gateway municipality; (iii) grants to pay for third-party professional services managed by the agency; and (iv) any other variation on the provision of technical assistance consistent with this section. (g) At its discretion, the agency may allocate the fund's technical assistance through a competitive process using criteria that include, without limitation, the existence of a long-term economic development strategy, commitment to effective use of the agency's technical assistance by the municipality and other local partners and the potential for transformative development in the gateway municipality. (h) The fund director shall allocate a portion of the original capitalization of the fund to support the development in gateway municipalities of collaborative workspaces to spur innovative and creative business growth and economic activity and assist with the redevelopment of underutilized buildings. The program shall: (i) promote the creation of collaborative workspaces by providing financial assistance for capital investments in underutilized buildings; (ii) foster collaboration and linkages among innovative and creative enterprises by providing central locations for such businesses or individuals to work in an environment designed to promote sharing of resources, experience and expertise; (iii) support partnerships among municipalities, property owners and businesses to establish collaborative workspaces; and (iv) require a collaborative workspace to provide shared space which promotes the interaction, socialization and coordination among tenants through the clustering of multiple businesses or individuals within the collaborative workspace. The agency shall, through grants, contracts or loans, administer the program for the purpose of facilitating a collaborative and co-working space to address a regional market demand for affordable work environments that support communication, information sharing and networking opportunities. (i) Loans or grants made under this program may be made to property owners or collaborative workspace operators for building improvements which shall be utilized by the collaborative workspace participants provided that the use of the fund results in corresponding private investment that matches or exceeds the grants from the fund. In the case of a grant, any participating property owner or collaborative workspace operator shall at least match the investment of the fund. In the case of a loan, the agency shall reasonably anticipate that its loan will leverage additional private investment in the property. (j) The agency shall solicit applications for financial assistance that promote collaborative workspaces through a request for proposals. The agency shall establish criteria for the submission of applications; provided, however, that the applications shall include, but need not be limited to: (i) a description of the parties involved in the project, including the professional expertise and qualifications of the principals; (ii) a description of the scope of work that shall be undertaken by each party involved in the project; (iii) the proposed budget, including verification of funding from other sources; (iv) a statement of the project objective, including specific information on how the project shall promote the use of the space as collaborative and shared space; (v) a statement that sets forth the implementation plan, the facilities and resources available or needed for the project and the proposed commencement and termination dates of the project; (vi) a description of the expected significance of the project, including a description of the market demand for the type of workspace proposed in the region that the space shall be located and the number of businesses or individuals that shall be served as a result of the project; and (vii) any other information that the agency shall consider necessary. The agency shall also establish guidelines for the review and approval of applications that include preferences for proposals that: (A) redevelop at least 10,000 square feet in existing properties located in the downtown area of a gateway municipality; (ii) dedicate at least 25 per cent of accessible space to collaborative use; and (iii) support a cluster of at least 15 separate occupants. (k) The agency shall enter into an agreement with each collaborative workspace operator that receives a grant or loan or enters into a contract under this section regarding: (i) performance measures and indicators that shall be used to evaluate the performance of the collaborative workspace operator in carrying out the activities described in the application; and (ii) any other indicators determined to be necessary to evaluate the performance of the eligible entity. Each collaborative workspace operator shall submit an annual report for the agency's review for the duration of the collaborative workspace operation. The agency shall enter into an agreement with each property owner that receives a grant or loan or enters into a contract under this section regarding the use of funds and the time frame for the use of funds. (l) The agency shall identify and maintain a list of redevelopment projects within gateway municipalities with the greatest potential to provide substantial local economic growth, job creation, neighborhood revitalization or abandoned and underutilized property reuse. In its investigation, the agency shall prioritize redevelopment projects that may commence promptly after identification. The agency shall outline the economic opportunities at the project sites, describe marketable site uses and describe the benefits of investing in the redevelopment project. The agency shall also describe current impediments facing each identified redevelopment project and outline particular policies and programs in place that provide technical assistance, financing options, permitting aid or any other incentives to pursue redevelopment options. (m) The agency shall, in coordination with the executive office of economic development, submit an annual report to the clerks of the senate and house of representatives who shall forward the report to the house and senate committees on ways and means, the joint committee on economic development and emerging technologies and the joint committee on labor and workforce development by December 31. The report shall include a current assessment of the progress of each project funded through the collaborative workspace program and the progress of the participants in the program.

M.G.L. c. 23G, § 47 Maritime piers repair and rehabilitation program

c. 23G, § 47. Maritime piers repair and rehabilitation program Section 47. (a) There shall be established within the agency a maritime piers repair and rehabilitation program to advance the public purpose of ensuring the physical integrity and safety of piers and other maritime infrastructure that is essential to the continued viability of (i) maritime industries; (ii) water-dependent uses, as defined in section 1 of chapter 91; and (iii) other commercial and industrial uses that contribute to the economic vitality of a designated port area. The agency, in consultation with the secretary of economic development, shall design and implement the program. The agency may coordinate with other agencies, community development organizations and instrumentalities of the commonwealth to effectuate this section. (b) The program shall be eligible to receive funds as appropriated by the general court, the board, federal grants and programs, and transfers, grants and donations from state agencies, foundations and private parties. Such funds shall be held in a separate account or accounts segregated from other funds. Money in or received for the fund may be deposited with and invested by an institution designated by the executive office and paid as the agency shall direct. A return on an investment received by the fund shall be deposited and held for the use and benefit of the fund. The agency may make payments from a deposit account for use under this section. (c) The agency shall use the fund to make grants, loans or a combination thereof for the reconstruction, repair, renovation or rehabilitation of existing commercial and marine industrial infrastructure and public or private maritime transportation infrastructure. Eligible recipients of such financial assistance shall include public entities, community development corporations, non-profit and for-profit corporations and other private business entities. In making a loan or grant, the agency shall consider: (i) the impacts on future economic growth, commercial and industrial development and wastewater and wastewater pre-treatment within the designated port area and on the commercial fishing industry; (ii) the attendant economic benefits to the commonwealth; and (iii) the benefits to the commonwealth's transportation system including the benefits derived from enhancing intermodal connections from the seaports to road, rail and air facilities. Funding shall be awarded on a competitive basis in accordance with guidelines developed by the agency. (d) The agency shall be reimbursed from the fund for all reasonable and necessary direct costs and expenses incurred in any fiscal year associated with its administration, management and operation of the fund, including reasonable staff time and out-of-pocket expenses and the reasonable and approved administrative costs. (e) The agency shall submit an annual report to the clerks of the house of representatives and the senate who shall forward the report to the house and senate committees on ways and means and the joint committee on economic development and emerging technologies not later than December 31. The report shall include a current assessment of the progress of each project funded through the program.

M.G.L. c. 23G, § 48 Growth capital division; criteria for projects to provide capital or increase availability of capital; minority-owned or women-owned contractors; improvement of economic opportunities for low and moderate income people; consulting and technical assistance; micro businesses

c. 23G, § 48. Growth capital division; criteria for projects to provide capital or increase availability of capital; minority-owned or women-owned contractors; improvement of economic opportunities for low and moderate income people; consulting and technical assistance; micro businesses Section 48. (a) There shall be within the agency a growth capital division to provide growth capital and other financial assistance to small businesses. [ First paragraph of subsection (b) effective until August 5, 2025. For text effective August 5, 2025, see below.] (b) The agency may participate in projects to provide capital or increase or improve the availability of capital; provided, however, that before such participation, the agency shall find and incorporate in the official records of the corporation that the project is reasonably expected to: (i) support or promote economic development, revitalization or stability; (ii) promote employment opportunities for residents; (iii) promote the creation or retention of jobs; or (iv) support the creation or expansion of a business sector whose success would enhance the economic development of the commonwealth, quality of life of residents or employment opportunities for residents. [ First paragraph of subsection (b) as amended by 2025, 14, Sec. 17 effective August 5, 2025. For text effective until August 5, 2025, see above.] (b) The agency may participate in projects to provide capital or increase or improve the availability of capital; provided, however, that before such participation, the agency shall find and incorporate in the official records of the agency that the project is reasonably expected to: (i) support or promote economic development, revitalization or stability; (ii) promote employment opportunities for residents; (iii) promote the creation or retention of jobs; or (iv) support the creation or expansion of a business sector whose success would enhance the economic development of the commonwealth, quality of life of residents or employment opportunities for residents. The agency shall not participate in a project unless it determines, in writing, that its participation is necessary because without such participation adequate funding for the project would not be available or would be offered on terms that would preclude the success of the project. The agency shall prioritize participation in projects that enhance the quality of life of a target area as defined in section 2 of chapter 40H or enhance the quality of life and promote employment opportunities for low- and moderate-income residents of the commonwealth. If a certified community development corporation requests that the agency participate in a project, the agency shall make a determination of whether the project is likely to provide employment opportunities to or enhance the quality of life of low- and moderate-income residents of the commonwealth, or whether the project supports the creation or expansion of the business sector in the region served by the CDC. (c) The agency may participate in projects to provide capital or increase or improve the availability of capital available to minority-owned or women-owned contractors. The agency shall not participate in a project unless it determines, in writing, that its participation is necessary because without such participation adequate funding for the project would not be available or would be offered on terms that would preclude the success of the project. The agency shall endeavor to participate in projects each year that promote the equitable growth of minority-owned or women-owned businesses. (d) The agency may establish or invest in the capital stock of any corporation organized to increase capital available to small businesses or to engage local residents and businesses to work together to undertake programs, projects and activities that develop and improve urban, rural and suburban communities by creating and expanding economic opportunities for low- and moderate-income people. Without limitation, any such corporation may: (i) serve as a financial intermediary between entities undertaking projects and small businesses and public or private sources of capital including, but not limited to, direct lenders, guarantors or grant makers; and (ii) provide financial and managerial consulting services to entities undertaking projects, small businesses and minority-owned or women-owned contractors. Any corporation so organized may accomplish its purposes by means of investing in the equity capital of, making grants to, making loans to or issuing loan guarantees to entities undertaking projects or to small businesses. The agency may have a controlling or a minority interest in such a corporation, as the directors of the agency shall determine; provided, however, that at least 1 director of the agency shall sit on the board of directors of the corporation. (e) Before making an investment in the equity capital of, making grants to, making loans to or issuing loan guarantees to entities undertaking projects or to small businesses, a corporation established or in which the agency has invested under subsection (d) shall make the following findings: (i) such action is consistent with the objectives of this section and may reasonably be expected to contribute to the redevelopment and economic well-being of the commonwealth, will create or retain jobs or will assist minority- or women-owned businesses; (ii) the funds provided by the agency will be used solely in connection with the costs of the project or the operation of the small business; (iii) the contract for participation in a project requires: (A) adequate reporting of financial data from the small business or project to the corporation; (B) that a business receiving financial products shall participate in financial and managerial consulting services; and (C) an annual or other periodic audit of the books of the project or the small business; and (iv) the corporation's participation is necessary to the successful completion of the proposed project or to the success of the small business because funding for the project or small business is unavailable in the traditional capital markets or that credit has been offered on terms that would preclude the success of the project or the small business. If the agency desires to sell or otherwise dispose of stock received under a contract under this section, the small business or entity undertaking a project, or the small business or entity's nominee, shall not later than 120 days have the right of first refusal upon the sale and the right to meet a subsequent bona fide offer by a third party. The agency shall not, individually or in combination with a corporation established or invested in by the agency under this section, own more than 49 per cent of the voting stock in a small business. Upon the request of the agency, the commissioner of banks shall examine the books of a corporation established or invested in by the agency under this section, if such examination is a condition of the particular investment, lending, loan guaranty or grant program administered by such corporation. (f) The agency shall establish a program to support the provision of financial and managerial consulting and technical assistance to eligible companies that receive financial assistance from the commonwealth or any public authorities thereof. Services that may be supported shall include, but not be limited to, procurement of investment capital, management, administration, production, product marketing, assisting business in securing federal contracts and business expansion, renovation and diversification. The program may include: (i) referrals to technical assistance provided without charge to eligible companies by public and private small business support organizations; (ii) financial support to engage private consultants; and (iii) a directory of organizations, experts and consultants available to be engaged to offer financial or managerial consulting services. The agency shall coordinate the program with the United State Small Business Administration, the Massachusetts Small Business Development Center Network and other private for profit and nonprofit providers of consulting and technical assistance to small businesses. (g) The agency may provide matching grants to fund consulting and technical assistance to small businesses who receive financial assistance from the commonwealth or any of the commonwealth's public authorities. The grants shall be used by the recipient businesses to pay for mandated small business consulting and technical assistance services. Prior to awarding a grant, the agency shall have determined that the financial or managerial consulting services mandated as a condition of financial support of the small business are not available without charge from an entity participating in the program and that procuring such services creates a hardship and impedes the likelihood of success of a project. Grants awarded pursuant to this subsection shall require a 100 per cent match by the recipient. (h) The agency may disburse loans and grants to low- and moderate-income entrepreneurs who are forming, operating or expanding micro businesses in the commonwealth, in consultation with the micro business development center established by section 69 of chapter 23A.

M.G.L. c. 23G, § 49 Economic stabilization program; criteria

c. 23G, § 49. Economic stabilization program; criteria Section 49. (a) The agency may establish and administer an economic stabilization program to provide flexible, high-risk financing: (i) necessary to implement a change of ownership, corporate restructuring or turnaround plan for economically viable but troubled businesses that face the likelihood of a large employment loss in the commonwealth, closure of a plant located in the commonwealth or failure without such a change of ownership, corporate restructuring or turnaround plan; provided, however, that the program shall provide assistance to firms in specific mature industries for the purpose of technological investment or upgrading of management operations in order for the business to maintain future economic stability; and provided further, that the financial participation of the agency shall aim to supplement private financial institutions and public economic development agencies when such institutions are unable to provide all the financing or bear all of the risk necessary to transfer ownership, restructure or turnaround a business where the business might otherwise fail, experience closure of a plant located in the commonwealth or greatly reduce its employment in the commonwealth; and (ii) in connection with starting up employee-owned businesses or the implementation of employee-ownership projects; provided, however, that the financial participation of the agency shall aim to supplement private financial institutions and public economic development agencies when such institutions are unable to provide all the financing or bear all of the risk necessary to starting up an employee-owned business or implement an employee-ownership project. (b) Before providing assistance in connection with the purchase of a troubled business pursuant to clause (i) of subsection (a), the agency's directors shall determine and incorporate in the minutes of a meeting of the directors that the business: (i) is likely to experience a large loss of employment in the commonwealth, closure of a plant located in the commonwealth or failure without a loan, financing or investment by the agency; (ii) within a specific mature industry, requires assistance to technological investment or upgrading of management operations for the business to maintain future economic stability; (iii) or person seeking to purchase the troubled business has taken or shall take such actions as the directors deem necessary to ensure the business has a reasonable chance to continue as a successful business including, but not limited to, changes in its operations, financing or management, and that the actions are included as a condition for financing by the agency in the financing agreement; and (iv) or person seeking to purchase the troubled business has made diligent efforts to obtain the financing necessary to continue its operations or transfer ownership of the business from private financial institutions and public economic development agencies and such financing is unavailable or has been offered on terms that would prevent the successful continuation or change in ownership of the business. (c) When providing assistance in connection with starting up an employee-owned business or implementation of an employee-ownership project pursuant to clause (ii) of subsection (a), the directors shall determine and incorporate in the minutes of a meeting of the directors that the business: (i) or person seeking assistance has taken or shall take such actions as the directors deem necessary to ensure that the employee-owned business or employee-ownership project has a reasonable chance to succeed; and (ii) except with respect to assistance for pre-feasibility and feasibility studies, has made diligent efforts to obtain the financing necessary to institute or implement the employee-ownership project from private financial institutions and public economic development agencies and such financing is unavailable or has been offered on terms that would prevent the successful institution or implementation of the employee-owned business or employee-ownership project. (d) The agency shall seek to direct not less than 10 percent of the financing provided by the economic stabilization program to businesses that are employee-owned businesses to meet the purposes of this section.
Source: Massachusetts General Court (malegislature.gov)URL: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleII/Chapter23GFetched: 10/20/2026

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