Session Laws

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. The town of Amesbury is hereby authorized to borrow, upon the approval of the board of selectmen, at one time or from time to time, and as provided for herein, such sum as the commissioner of revenue shall approve as related to the sale or closure of the Amesbury hospital and to issue therefor bonds or notes of the town of Amesbury. Upon the order of the board of selectmen, the proceeds of such bonds or notes shall be used to pay costs, expenses and liabilities, or to defray deficits relating to or otherwise resulting from the operations, sale, transfer or closure of the Amesbury hospital.

Bonds or notes issued under authority of this act may be in such form, and include such terms and conditions, as the commissioner of revenue shall approve and shall be general obligation bonds or notes of the town of Amesbury. Bonds or notes issued under authority of this act shall be eligible to be issued as qualified bonds pursuant to chapter forty-four A of the General Laws. The maturity of any bond or note issued under authority of this act shall not be after June thirtieth of the year two thousand and three. The maturities of each issue of bonds or notes authorized under authority of this act may, if approved by the town officers authorized to issue said bonds or notes and the commissioner of revenue, be arranged so that for each issue the amounts payable in the several years for principal and interest combined are as nearly equal as practicable in the opinion of the officers authorized to issue said bonds or notes.

No bond or note shall issue under authority of this act, nor shall any expenditure or application of the proceeds of any bond or note issued under authority of this act be made, unless approved by the commissioner of revenue as related to the operations, transfer, sale or closure of the Amesbury hospital and necessary to promote and ensure the fiscal stability of the town of Amesbury.

SECTION 2. If at any time the town of Amesbury has not issued bonds or notes under authority of this act, the town, by action of the board of selectmen, may, with the approval of the commissioner of revenue, and subject to such terms, conditions and requirements as the commissioner may impose, capitalize expenses and liabilities resulting from the operations, transfer, sale or closure of the Amesbury hospital, hereinafter the amortization amount, and fund the amortization amount over a term not to exceed ten years. Amounts to be raised in each fiscal year under authority of this section shall not be less than one-tenth of the total amortization amount, and amortization in any fiscal year shall be permissible only to the extent that the commissioner of revenue determines and approves with respect to such year that such amortization is necessary and appropriate to achieving and maintaining fiscal stability in the town of Amesbury.

SECTION 3. Indebtedness incurred under the provisions of this act shall not be included in determining the statutory limit of indebtedness of the town of Amesbury under section ten of chapter forty-four of the General Laws but, except as provided for herein, shall otherwise be subject to the provisions of said chapter forty-four.

SECTION 4. Notwithstanding the provisions of section sixty-three of chapter forty-four of the General Laws or any other general or special law to the contrary, the town of Amesbury, upon the approval of the board of selectmen and without further appropriation, is hereby authorized to expend, with the approval of the commissioner of revenue, the proceeds from the transfer or sale of the real estate, personal property or other assets of the Amesbury hospital for any costs, expenses, liabilities or deficits resulting directly or indirectly from the operations, transfer, sale or closure of the Amesbury hospital.

SECTION 5. During the term of any bond or note authorized under authority of this act, or during the period of any amortization of any amounts related to the operations, transfer, sale or closure of the Amesbury hospital as provided for in this act, the town of Amesbury shall issue no temporary loan in anticipation of taxes or revenue under authority of section four of chapter forty-four of the General Laws or any other similar provision of special law without prior written approval of the commissioner of revenue.

SECTION 6. This act shall take effect upon its passage.