Establishes a revolving fund to supplement waterway projects and coastal protection initiatives in Massachusetts.
The bill establishes the Coastal Protection and Harbor Maintenance Revolving Fund to provide financial assistance for waterway projects and coastal protection initiatives. The fund will be used to support local government units in meeting debt service obligations for approved projects. The Department of Environmental Management will manage the fund and provide financial assistance, including zero or low-interest loans, up to 50 percent of the approved project costs. The fund aims to supplement existing funding sources and will be subject to annual appropriations.
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