HOUSE DOCKET, NO. 1870        FILED ON: 1/14/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2266

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act establishing a municipal public safety facilities loan fund..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Chapter 29 of the General Laws is hereby amended by inserting after section 2OOO the following section: — Section 2PPP. There is hereby established and set up on the books of the commonwealth a separate fund to be known as the Municipal Public Safety Facilities Loan Fund. There shall be credited to said fund such amounts as may appropriated or transferred by the general court. Monies credited to the fund shall, under the control of the secretary of public safety, to make no interest loans to cities and towns for the construction of public safety facilities. All loans should be repaid to the commonwealth not later than 20 years after any such loan is made. The method of repayment of such loans shall be through a deduction made on a recipient city or towns cherry sheet, so-called.