Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 312 of the acts of 1981 is hereby amended by striking out section 2 and inserting in place thereof the following section:-
Section 2. The account authorized by section one shall be maintained by the city treasurer in a banking institution in said city and expenditures from such account shall be made by the director of the Quincy hospital without appropriation and used for the operation and maintenance and for the provision of capital, equipment and plant for said hospital. In addition, upon recommendation by the director and approval by a two-thirds vote of the board of managers, expenditures from such account may be loaned with proper surety and security as determined by the city solicitor and city auditor, for purposes of assisting in physician recruitment. Such account shall be maintained in accordance with generally accepted accounting principles, and shall be audited annually by a certified public accountant. Such audits shall be submitted to the board of managers of said hospital and to the mayor and members of the city council of said city. The city treasurer shall be authorized to invest the monies in such special account as authorized by section fifty-five A of chapter forty-four of the General Laws and the interest accruing thereon shall inure to the benefit of the Quincy hospital. For the purpose of providing health care for the citizens of the city of Quincy, said city may from time to time appropriate monies into said account and donations from private sources may be received into such special account.
SECTION 2. Section 3 of said chapter 312 is hereby amended by striking out the third sentence, and inserting in place thereof the following sentence:- All such sums so advanced shall be deposited into such account established under section one and said director shall repay such advances to the general fund together with an amount equal to the interest determined by the city treasurer to be allocable to any debt incurred during that fiscal year by the city in anticipation of revenue in order to make such advances.
SECTION 3. This act shall take effect upon its passage.