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. Section 1 of chapter 569 of the acts of 1985 is hereby amended by inserting after the fourth sentence the following sentence:- For each issue the amounts of principal and interest payable in each year shall be determined in accordance with said chapter four hundred and fifty-one beginning with the earliest stated principal maturity date for any of the bonds being refunded.

SECTION 2. Section 4 of said chapter 569 is hereby amended by striking out the last sentence and inserting in place thereof the following three sentences:- Any surplus in the Hale Hospital Fund Balance account at the close of a fiscal year shall first be used to reimburse the city for any funds it may have provided in accordance with this section for the purpose of eliminating any deficit for any prior fiscal year. In the case of funds so provided that were borrowed by the city under section four A, the city shall be reimbursed for both principal and interest on the borrowed money. Any surplus remaining after the city has received full reimbursement shall be retained in the account and, subject to appropriation in accordance with chapter forty-four of the General Laws, shall be used for the operation and maintenance of and the provision of capital equipment and plant for said hospital.

SECTION 3. Said chapter 569 is hereby further amended by inserting after section 4 the following section:-

Section 4A. The city may borrow such sums of money as may be deemed necessary by the city auditor to provide funds to meet any current hospital operating deficits, provided that the aggregate amount of the borrowing shall not exceed four million dollars. Each authorized issue of bonds or notes shall constitute a separate loan and each such loan shall be payable within ten years from its date. Indebtedness incurred under this section shall not be included in determining the limit of indebtedness of the city under section ten of chapter forty-four of the General Laws but, except as provided herein, shall otherwise be subject to the provisions of said chapter forty-four.

SECTION 4. This act shall take effect upon its passage.