Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding any general or special law to the contrary, the town of North Andover is hereby authorized to borrow such sums as may be necessary, not to exceed an aggregate amount of four hundred sixty-seven thousand five hundred dollars, for the purpose of purchasing from Angus Realty Corporation a privately owned sewer system and sewer pumping station, including the building in which the pumping station is housed and the equipment associated therewith, and interests in the land related thereto, and may issue bonds or notes therefor. Each authorized issue shall constitute a separate loan and each such loan shall be payable within twenty years from its date. For each such issue the amounts payable in the several years for principal and interest combined shall be as nearly equal as practicable in the opinion of the officers authorized to issue said bonds or notes or, in the alternative, in accordance with a schedule providing a more rapid amortization of principal. Bonds and notes may be issued hereunder 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 the town. The town may issue temporary loans in anticipation of the issuance of such borrowing pursuant to section seventeen of chapter forty-four of the General Laws. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the 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.
SECTION 2. The board of selectmen of the town of North Andover may levy a special betterment assessment under chapters eighty and eighty-three of the General Laws upon the property benefitted by the sewer and pumping station acquisition in order to pay for all or any portion of the costs to be financed under section one of this act, notwithstanding any limitation in said chapter eighty-three or any other provision of the General Laws limiting the amount of costs of any particular improvements that may be paid from such betterment assessments.
SECTION 3. The vote passed under Article 21 of the warrant for the nineteen hundred and ninety-two annual town meeting is hereby validated, ratified and confirmed in all respects.
SECTION 4. This act shall take effect upon its passage.