Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The Old Colony Regional Vocational Technical High School District is hereby authorized to borrow at one time or from time to time such sums as it may determine to be necessary not exceeding, in the aggregate, one million dollars to refund all or a portion of said district's bonds coming due in the years nineteen hundred and ninety-two to nineteen hundred and ninety-four, inclusive, in the principal amount of seven hundred fifty-five thousand dollars; to refund all or a portion of said district's revenue anticipation notes which were issued in the principal amount of two hundred and thirty-five thousand dollars to pay principal on bonds of said district that came due in August, nineteen hundred and ninety-one; and to pay expenses of issue in connection with the refundings.
SECTION 2. For the purposes described in section one, said district may issue its refunding bonds or notes. Each authorized issue of such refunding bonds or notes shall constitute a separate loan and such loans shall be payable in not more than ten years from their dates. The maturities of each issue of the refunding bonds or notes shall be arranged so that the annual combined payments of principal and interest shall be as nearly equal as practicable in the opinion of the district treasurer of said district or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. Indebtedness incurred hereunder shall, except as provided herein, be subject to the applicable provisions of chapters forty-four and seventy-one of the General Laws.
SECTION 3. This act shall take effect upon its passage.