Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The cities of Beverly, Chelsea, Everett, Lynn, Malden, Melrose and Revere and the towns of Reading, Saugus, Stoneham, Swampscott, Wakefield and Winthrop are each hereby authorized to borrow such sums of money as may be necessary to fund payments that said city or town is required or agrees to make under its contract with Refuse Energy Systems Company as a result of improvements to the incinerator of said company and related facilities required by changes in law or otherwise, and may issue bonds or notes therefor. Such bonds or notes shall bear on their face the name of the city or town followed by the words Solid Waste Disposal Loan, Act of 1991. Each authorized issue shall constitute a separate loan and each loan shall be payable within twenty years from its date. Each city or town may also issue temporary loans in anticipation of such borrowing pursuant to section seventeen of chapter forty-four of the General Laws. Bonds and notes may be issued hereunder, in the case of a city other than the city of Chelsea, by the city treasurer with the approval of the mayor or city manager, as applicable, provided that such borrowing has been authorized by the city council or board of aldermen, as applicable; in the case of the city of Chelsea, by the receiver thereof; and in the case of a town, by the town treasurer with the approval of the board of selectmen; and the proceeds thereof may be expended without further authorization or appropriation by such city or town. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the city or town under section ten of said chapter forty-four but, except as provided herein, shall otherwise be subject to the provisions of said chapter forty-four; provided, however, that bonds or notes issued hereunder by the city of Chelsea, shall be executed on behalf of such city by the receiver thereof.
SECTION 2. This act shall be effective with respect to the cities of Beverly, Chelsea, Everett, Lynn, Malden, Melrose and Revere and the towns of Saugus and Stoneham upon passage and shall be effective with respect to each of the towns of Reading, Swampscott, Wakefield and Winthrop upon acceptance of this act by such town.
SECTION 3. Any two or more cities and towns authorized to borrow under the provisions of section one may enter into a joint agreement for the purpose of incurring such debt jointly. Such bonds or notes shall bear on their face the name of each city or town entering into such joint agreement followed by the words, Solid Waste Disposal Loan Act of 1991. Any debt incurred under such agreement shall be subject to the provisions of chapter forty-four of the General Laws, except as provided in section one of this act. Notwithstanding any provisions of law or a charter to the contrary, no city or town shall be exempt from the liability for its obligations under an agreement lawfully entered into in accordance with this section.