Chapter 23G of the Massachusetts General Laws, as appearing in the 2006 Official Edition, is hereby amended by adding at the end thereof the following section:-

SECTION 44. Massachusetts Municipal Building Emergency Repair Revolving Loan Fund

Section 1. The Massachusetts Development Finance Agency is hereby authorized and directed to expend an amount not to exceed twenty-five million dollars for the purpose of establishing a revolving fund to make interest-free or low interest loans to municipalities for the purpose of repairing municipal buildings which have sustained substantial damage within five years of construction because of construction or architectural flaws through no fault of the municipality.

Section 2. To meet expenditures necessary in carrying out the provisions of Section 1 of this Act, the State Treasurer shall, upon request of the Governor, issue and sell bonds of the Commonwealth, to an amount specified by the Governor from time to time, not exceeding in the aggregate, the sum of twenty-five million dollars.  All bonds issued by the Commonwealth shall be designated on their face, Municipal Building Emergency Repair Loan, Act of 2007, 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 30, 2025.  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.