Amendment #112 to H3400

An Act allowing municipalities to borrow from CPA funds

[Sponsors] Ms. Gifford of Wareham moves to amend the bill by inserting after section xx (as printed) the following section:

“SECTION XX. Notwithstanding any general or special law to the contrary, a city or town may access their contributions to the community preservation fund, excluding any monies received from the Massachusetts community preservation trust fund, not more than once between July 1, 2011 and June 30, 2012 for other municipal budgetary purposes, provided however that the monies taken from the community preservation fund are on loan and the taking of said monies is approved by the legislative body, provided further that the loan is paid back in full without interest within 24 months or within 48 months with interest applied at the current market interest rate as determined by the state treasurer.”