BOSTON – State Senator Benjamin B. Downing (D- Pittsfield) announces that the Massachusetts Senate, with a roll call vote of 39-0, unanimously approved a $300 million bond bill to support municipal road and bridge projects in Fiscal Year 2014. This action took place during this morning’s formal legislative session.
An Act Financing Improvements to the Commonwealth’s Transportation System authorizes the Commonwealth to borrow $300 million to be distributed to cities and towns for local transportation improvement projects, a 50% improvement from the $200 million authorized for the Chapter 90 program in Fiscal Year 2013.
Additionally, the bill requires all construction contracts funded by this Act to include price adjustment clauses for gasoline, diesel, asphalt, concrete and steel. A price adjustment clause requires an awarding authority to set a base price, tied to an index. Thereafter, the contract price is adjusted on a monthly basis, but only if the cost increases or decreases by more than 5%.
The Chapter 90 bond bill is now on the Governor’s desk for final approval. The Governor has ten days to review and act on the legislation.