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 Somerville may issue bonds in 1 or more series for the renovation of the Homan's building maturing no later than 20 years from their date. Such bonds may be issued as serial bonds maturing in annual or semiannual installments of principal that shall substantially equalize the aggregate amount of principal and interest due in each annual period commencing with the first annual period in which an installment of principal is due or, in the alternative, in accordance with a schedule providing for a more rapid amortization of principal. Except as otherwise provided in this act, such bonds shall be subject to chapter 44 of the General Laws.
SECTION 2. This act shall take effect upon its passage.