Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, the city of Fitchburg is hereby authorized to borrow at one time a sum not to exceed eight hundred thousand dollars from the commonwealth for the purpose of paying a judgment rendered against said city in the case of Macioci v. Commissioner of Revenue.
SECTION 2. Such loan shall be repaid not more than five years from its creation. The amounts repaid annually shall be as nearly equal from year to year as practicable in the opinion of the city auditor of the city of Fitchburg, or shall be paid in accordance with a schedule arranged by the city auditor with the lending authority providing for a more rapid amortization of the loan balance.
SECTION 3. The state treasurer shall deduct and withhold the amount of principal due in any given year of the loan by reducing the financial assistance which would otherwise be due to the city of Fitchburg in accordance with the provisions of section twenty-five A of chapter fifty-eight of the General Laws.
SECTION 4. Debt incurred under the authority of this act shall not be included in determining the maximum amount of indebtedness for the city of Fitchburg as established by law.