Section 56 Transfers of reverted funds; sales of bonds or other securities - Massachusetts Statutes

Section 56. Funds from a sale of specific bonds or other securities which have reverted at the close of a fiscal year, in accordance with the provisions of the act authorizing the expenditures to be financed by the sale of said bonds or other securities, or in accordance with the provisions of section fourteen shall first be transferred in the succeeding fiscal year or years on the books of account of the commonwealth, without appropriation, to the fund which is liable for the maturities on said bonds or other securities but only in such amount as is necessary to meet the specific bonds or other securities matured and paid from said fund, if any, in a fiscal year. When such transfers are no longer required to meet such maturities any balance of said funds remaining, after setting aside a sufficient amount to cover any such bonds or other securities which have matured but have not been presented for payment, shall be transferred, without appropriation, on the books of account of the commonwealth to the fund from which said bonds or other securities were paid.