Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide for the immediate revitalization of the seaports and associated equipment of 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. To provide for a capital outlay program of revitalization and development of the commonwealth's seaports and associated equipment the sum set forth in section two of this act, for the several purposes and subject to conditions specified under said section two is hereby made available, subject to the provisions of law regulating the disbursements 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=65,13,tur `tc3 EXECUTIVE OFFICE OF ENVIRONMENTAL AFFAIRS. `tc2 Office of the Secretary. `tc1 2000-8978 `tc4 For the purchase, design, construction or acquisition of a replica of the Schooner Friendship `tc6 $500,000 `tcol;end

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 hundred thousand dollars. All bonds issued by the commonwealth as aforesaid shall be designated on their face, Schooner Friendship Revitalization Loan, Act of 1996, 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-one. 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 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. The notes shall be issued and may be renewed one or more times for such term, 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 final maturities of such notes, whether original or renewal, shall not be later than June thirtieth, two thousand and two. 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.