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 642 of the acts of 1966 is hereby amended by inserting after section 7A the following section:-

Section 7B. The city may borrow from time to time sums, in addition to those authorized in section seven and section seven A, not exceeding, in the aggregate, one hundred and fifteen million dollars, for the purpose of planning, designing, acquiring land for, constructing and originally equipping structures and facilities it is authorized to construct and for remodeling, reconstructing or making major alterations, additions and major repairs to existing facilities owned by the city, except as otherwise provided in section eight, including original equipment and landscaping, paving and other site improvements incidental or directly related to such remodeling, reconstruction or repair.

SECTION 2. Paragraph (f) of section 3 of chapter 643 of the acts of 1983 is hereby amended by striking out the second sentence.

SECTION 3. Said paragraph (f) of said section 3 of said chapter 643 is hereby further amended by inserting after the third sentence the following sentence:- For purposes of calculating the principal amount of bonds on the date of their issuance to determine the amount available for issuance under any bond authorization as provided in the preceding sentence, the principal amount shall be an amount equal to the net proceeds of such bonds plus any discount representing cost of issuance thereof.

SECTION 4. Paragraph (b) of section 4 of said chapter 643 is hereby amended by striking out the second sentence.

SECTION 5. Section 14 of said chapter 643 is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- Notwithstanding the provisions of any general or special law to the contrary, and without any other proceedings or the happening of any other conditions or things other than those expressly required in this section, but subject to any agreement securing bonds, the collector-treasurer of the city may, in his sole discretion, on such terms, and selected in such manner as he may deem advisable, invest funds over which the city has exclusive control, including without limitation the proceeds of bonds, revenues pledged for the payment of bonds and other revenue cash of the city, in any investments which are legal investments for funds of the commonwealth under chapter twenty-nine or chapter thirty-two of the General Laws, and may in his sole discretion, on such terms, with such counterparties, and selected in such manner as he may deem advisable, enter into such agreements with respect to bonds, notes, investments, program of investments of the city or the carrying thereof, with the approval of the mayor, as are permitted for the commonwealth under said chapters twenty-nine or thirty-two, after giving due consideration where applicable, to the selection criteria for counterparties set forth in said chapter twenty-nine.