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 city of Holyoke is hereby authorized to issue bonds or notes for the purpose of acquiring or demolishing condemned properties within the city, or both, in order to promote the public health, safety and welfare of residents of said city. Bonds or notes issued pursuant to the authority hereof shall be within the limit of indebtedness prescribed in section ten of chapter forty-four of the General Laws, shall be issued for terms not to exceed twenty years from the date of issue and shall otherwise be subject to the provisions of said chapter forty-four. No property shall be acquired hereunder unless and until the mayor makes a finding that such property constitutes a threat to the health, safety and welfare of the citizens of said Holyoke.

SECTION 2. This act shall take effect upon its passage.