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 commissioner of revenue is hereby authorized to approve the use of an amortization amount by the city of Lawrence in fixing its tax rate for the fiscal year ending on June thirtieth, nineteen hundred and ninety-two as an estimated receipt in addition to the estimated receipts approved under the provisions of section twenty-three of chapter fifty-nine of the General Laws, and to certify the city's tax rate for that fiscal year based upon the use of such amortization amount.
SECTION 2. Notwithstanding any general or special law to the contrary, the city of Lawrence shall be required to raise in its tax rate, beginning in the fiscal year ending June thirtieth, nineteen hundred and ninety-three, the amortization amount provided for in section one, in accordance with a schedule authorized by the Lawrence Fiscal Oversight Board and approved by the commissioner of revenue.
SECTION 3. This act shall take effect upon its passage.