Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately issue refunding bonds and notes by cities, towns and districts, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

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 21A of chapter 44 of the General Laws, as appearing in the 1986 Official Edition, is hereby amended by inserting after the first sentence the following sentence:- The first annual payment of principal on account of an issue of refunding bonds or notes shall not be later than the earliest stated principal maturity date of any of the bonds or notes being refunded and the annual payments thereafter shall be arranged in accordance with the provisions of section nineteen; provided, however, that any annual payment earlier than the date on which the first annual payment is required to be made, may be in any amount.

SECTION 2. Notwithstanding any general or special law to the contrary, the acquisition, construction and installation of electric generating and appurtenant facilities, including land and other related equipment, for use by the Nantucket Electric Company shall be considered an "industrial enterprise" for the purposes of chapter forty D of the General Laws; provided, however, that this section shall apply only to bonds issued by the Massachusetts Industrial Finance Agency, established pursuant to section thirty-one of chapter twenty-three A of the General Laws.