Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The board of aldermen of the city of Somerville is hereby authorized to raise and expend a sum not exceeding two million six hundred thousand dollars to finance costs of renovation and repair to the city hall. Sums heretofore advanced temporarily by said city for such purposes in anticipation of the permanent financing of such costs to be deposited in the city treasury.
SECTION 2. For the purposes authorized by section one the treasurer of the city of Somerville, with the approval of a two-thirds majority of the board of aldermen, may borrow upon the credit of the city such sums as necessary, not exceeding, in the aggregate, two million six hundred thousand dollars, and may issue bonds or notes of the city therefor, which shall bear on their face the words, City of Somerville City Hall Renovations Loan, Act of 1990. Each authorized issue shall constitute a separate loan and such loans shall be payable in not more than ten years from their dates. The bonds or notes shall be signed by the city treasurer and countersigned by a two-thirds majority of the board of aldermen. The city may sell said securities at public or private sale, upon such terms and conditions and in such manner as the city treasurer, with the approval of a two-thirds majority of the board of aldermen, may deem proper, but not for less than their par value. Indebtedness incurred hereunder shall, except as herein provided, be subject to the provisions of chapter forty-four of the General Laws.
SECTION 3. This act shall take effect upon approval by the board of aldermen and the mayor of the city of Somerville.