Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately increase economic activity in the commonwealth, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

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. Chapter 300 of the acts of 1992 is hereby amended by striking out section 1A and inserting in place thereof the following section:-

Section 1A. To provide for the projects and expenditures provided for in section two the sum set forth in said section two for the several purposes and subject to the conditions specified under the provisions of this act are hereby made available, and the secretary for administration and finance is hereby authorized and directed to expend such sums, subject to the provisions of law regulating the disbursement of public funds and the approval thereof.

SECTION 2. Said chapter 300 is hereby further amended by inserting after section 8 the following two sections:-

Section 8A. To meet the expenditures necessary to carry out the provisions of section two of this act, the state treasurer shall, upon the request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not to exceed, in the aggregate, the sum of one hundred million dollars.

Said bonds shall only be issued and sold upon final approval by the United States Congress of the recommendation of Defense Base Closure and Realignment Commission to locate said Finance and Accounting Services Facility in the town of Southbridge.

All bonds issued by the commonwealth as aforesaid shall be designated on their face with the words "Federal Facilities Procurement Act of 1992" and shall be issued for such maximum term of years not exceeding thirty years, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth; provided, however, that all such bonds shall be payable not later than December thirty-first, two thousand and twenty-seven. All interest and payments on account of principal of such obligations shall be payable from the General Fund. Bonds issued under the authority of this section and the interest thereon shall, notwithstanding any other provisions of this act, be general obligations of the commonwealth.

Section 8B. The state treasurer may borrow from time to time on the credit of the commonwealth such sums of money as may be necessary for the purpose of meeting payments authorized by sections two to eight, inclusive, of this act, and may issue and renew from time to time notes of the commonwealth therefor, bearing interest payable at such times and such rates as shall be fixed by the state treasurer. Such notes shall be issued and may be renewed one or more times for such terms, not exceeding one year, as the governor may recommend to the general court in accordance with Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth but the final maturities of such notes, whether original or renewal, shall not be later than June thirtieth, two thousand and five.

Notes and interest thereon issued under the authority of this section, notwithstanding any other provision of this act, shall be general obligations of the commonwealth. All payments on account of principal and interest on said notes shall be repaid from the General Fund.