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 Library 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 Massachusetts Board of Library Commissioners, to make no interest loans to cities and towns for the construction of library facilities, including the construction or purchase of public parking 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.
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