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. The first paragraph of section 1 of chapter 656 of the acts of 1989 is hereby amended by striking out, in line 6, the word "five" and inserting in place thereof the following word:- ten.

SECTION 2. The second paragraph of said section 1 of said chapter 656 is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- Under the conditions imposed herein, the assessors of the city of Springfield may similarly deduct for each fiscal year from fiscal year nineteen hundred and ninety-one to fiscal year two thousand, inclusive, a percentage of the amortization amount not greater than those shown in the following table from the amount to be assessed for each respective fiscal year pursuant to section twenty-three of chapter fifty-nine of the General Laws:

`t+1 `tcol(*)=3,T;c1=5,11,tu;c2=31,10,tu;c3=56,15,tu `tch `tc1 FISCAL YEAR*PERCENTAGE*MAXIMUM DEFICIT `t+1 `tch;end 1991*60%*$5,040,000.00 1992*48%*$4,032,000.00 1993*38.4%*$3,225,600.00 1994*30.72%*$2,580,480.00 1995*24.58%*$2,064,384.00 1996*19.66%*$1,651,507.00 1997*15.73%*$1,321,206.00 1998*12.58%*$1,056,965.00 1999*10.07%*$ 845,572.00 2000*8.05%*$ 676,547.00. `tcol;end

`t+1 SECTION 3. The fourth paragraph of said section 1 of said chapter 656 is hereby amended by striking out, in line 2, the words "nineteen hundred and ninety-three" and inserting in place thereof the following words:- two thousand.

SECTION 4. The fifth paragraph of section 7 of said chapter 656 is hereby amended by inserting after the first sentence the following sentence:- Notwithstanding the foregoing, the commissioner of revenue may waive any penalty adjustment which may arise from the city expending an amount in excess of fifty percent of the amount required to be allocated to such fund for such fiscal year or incurring a deficit with respect to such fiscal year in excess of the amounts authorized by section one of this act.

SECTION 5. Said section 7 of said chapter 656 is hereby further amended by striking out the sixth paragraph and inserting in place thereof the following paragraph:-

Notwithstanding the foregoing, the mayor, with the approval of the commissioner of revenue, may for any fiscal year, reduce the amount otherwise required to be raised for the special reserve fund of such fiscal year, which decreases shall be of a permanent nature and be fully effective with respect to the special reserve fund requirements of all succeeding fiscal years.

SECTION 6. This act shall take effect upon its passage.