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. Notwithstanding the provisions of section 17 of chapter 44 of the General Laws or any other general or special law to the contrary, the city of North Adams may issue notes in an aggregate principal amount not to exceed $9,679,570 to refund an equal amount of bond anticipation notes of the city currently outstanding and payable on July 1, 1997; provided, however, that at the time of the issue of any notes hereunder the mayor and city treasurer certify that the city is taking all reasonable action necessary to obtain federal or state aid for the water treatment facility project financed with the proceeds of such bond anticipation notes and in their opinion the potential receipt of any such federal or state aid by the city would be jeopardized by the issue of bonds to pay such bond anticipation notes. Any bonds issued by the city to refund the currently outstanding bond anticipation notes or any notes issued pursuant to this act may be issued in the full amount of such notes, and shall have their maturities arranged so that the annual combined payments of principal and interest payable in each year shall be as nearly equal as practicable in the opinion of the mayor and city treasurer or in accordance with a schedule providing for a more rapid amortization of principal. Except as otherwise provided in this act, indebtedness incurred by the city for the water treatment facility project shall be subject to the applicable provisions of said chapter 44.

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