Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for the repair, renovation and reconstruction of the facilities at the Massachusetts Maritime Academy, 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,
SECTION 1. To provide for a program of capital improvements for the repair, renovation and reconstruction of facilities at the Massachusetts Maritime Academy for the purpose of improving the infrastructure of the commonwealth, the sums set forth in section two of this act, for the several purposes and subject to the conditions specified under said section two, are hereby made available, subject to the provisions of law regulating the disbursement of public funds and the approval thereof.
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 Massachusetts Maritime Academy. `tc1 7118-7962 `tc4 For emergency repairs to complete the reconstruction and encapsulation of the pier-bulkhead, and for the structural stabilization and renovation of the Copeland building located at the Massachusetts Maritime Academy `tc6 $5,200,000
SECTION 3. To meet the expenditures necessary in carrying out the provisions of section two, the state treasurer shall, upon 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 exceeding in the aggregate, the sum of five million two hundred thousand dollars. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Massachusetts Maritime Academy Loan Act of 1995, 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 twenty.
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, notwithstanding any other provisions of this act, 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 purpose of meeting payments authorized by section two and may issue and renew from time to time notes of the commonwealth thereof bearing interest payable at such time 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.
Notes and interest thereon issued under the authority of this section, notwithstanding any other provisions of this act, shall be general obligations of the commonwealth.