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. Chapter 473 of the acts of 1985 is hereby amended by inserting after section 1 the following section:-

Section 1A. Notwithstanding the provisions of any general or special law to the contrary, the maturities of bonds or notes issued by the city of Gardner for additions and improvements to its water supply and distribution facilities shall either be arranged so that for each issue the annual combined payments of principal and interest shall be as nearly equal as practicable in the opinion of the city treasurer and the mayor, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. Project costs to be financed by the issue of said bonds or notes, including notes issued in anticipation of federal or state aid, may include interest on temporary borrowing incurred for a period of up to twelve months after the date of the original borrowing and may also include reimbursement to the city for sums appropriated and expended for engineering services for the design of such facilities. Any net earnings derived from investment of the proceeds of the bonds or notes described herein may be expended and shall be used only for the construction, equipping, operation or maintenance of the water supply and distribution system of said city. Except as otherwise provided in this act, indebtedness incurred by said city for the purpose herein described shall be subject to the applicable provisions of chapter forty-four of the General Laws.

SECTION 2. Any net earnings derived from the investment of the proceeds of the bonds or notes described in section one during fiscal year nineteen hundred and eighty-nine may be expended and shall be used only for the construction, equipping, operation, or maintenance of the water supply and distribution system of said city.

SECTION 3. This act shall take effect upon its passage.