Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, any of the bonds or notes authorized in a principal amount, not to exceed one million dollars by the town of Lee pursuant to the vote passed under article one of the warrant for the special town meeting of September ninth, nineteen hundred and eighty-two, to be sold to the Farmers Home Administration, Department of Agriculture of the United States, may provide that the initial payment of principal of such bond or note may be deferred until up to ten years after the date thereof. To the extent that any deferral allowed by the Farmers Home Administration of principal or interest payments or of accrual of interest is measured from the date of completion of the project being financed by such bonds or notes or the date on which such project is used to provide water to the inhabitants of said town, such dates shall be determined by vote of the board of selectmen of said town or in such other manner as agreed to by said board of selectmen and the Farmers Home Administration, any such determination shall be conclusive evidence as to such dates. For all years, each such year being the one-year period beginning on the same calendar date in such year as the date of such bond or note, in which a payment of both principal of and interest on such bond or note is required, except for the first such year, the amounts payable in such years for principal and interest combined shall be as nearly equal as practicable in the opinion of the board of selectmen and town treasurer, or, in the alternative, in accordance with a schedule providing a more rapid amortization of principal. Except as otherwise provided herein, such bonds or notes shall be subject to all applicable provisions of chapter forty-four of the General Laws.

SECTION 2. This act shall take effect upon its passage.