Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for the timely completion of a certain capital project, 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. To provide for a capital outlay program for a certain project, the sum set forth in section two of this act, for the several purposes and subject to the conditions specified under the provisions of this act, is hereby made available from the General Capital Projects Fund, subject to the provisions of law regulating the disbursement of public funds.

SECTION 2. `tm;keep=no `tcol=6,B4;c1=1,9,tu,T;c2=1,78,tuc;c3=1,78,tuc;c4=12,53,tfh1;c5=16,49,tu;c6=66,13,tur `tc3 EXECUTIVE OFFICE OF EDUCATION. `tc2 Higher Education. `tc1 7410-8958 `tc4 For the preparation of plans, research, development and construction of a large millimeter, radiowave telescope at the university of Massachusetts at Amherst; provided, that funds appropriated herein shall be used in conjunction with any federal or private funds available for the purpose authorized herein `tc6 $5,000,000 `tcol;end

SECTION 3. To meet the expenditures necessary in carrying 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 specified by the governor from time to time, but not exceeding, in the aggregate, five million dollars. All bonds issued by the commonwealth, as aforesaid, shall be designated on their face, Higher Education Capital Outlay Loan Act of 1994, and shall be issued for such maximum term of years, not exceeding twenty 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 June thirtieth, two thousand and nineteen. All interest and payments on account of principal of such obligations shall be payable from the General Fund. Bonds and interest thereon issued under the authority of this section shall be general obligations of the commonwealth.

SECTION 4. 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 purposes of meeting payments authorized by section two of this act and may issue and renew from time to time notes of the commonwealth therefor, bearing interest payable at such times and at 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 one. Notes and interest thereon issued under the authority of this section shall be general obligations of the commonwealth. All interest and payments on account of principal of such obligations shall be payable from the General Fund.