SENATE DOCKET, NO. 129        FILED ON: 1/18/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1062

The Commonwealth of Massachusetts

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PRESENTED BY:

James E. Timilty

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act authorizing the Norfolk County Commissioners to borrow money for the repair, renovation and constructing, equipping and furnishing of buildings at Norfolk County Agricultural High School in the town of Walpole.

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PETITION OF:

SENATE DOCKET, NO. 129        FILED ON: 1/18/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1062

The Commonwealth of Massachusetts

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In the Year Two Thousand Eleven

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An Act authorizing the Norfolk County Commissioners to borrow money for the repair, renovation and constructing, equipping and furnishing of buildings at Norfolk County Agricultural High School in the town of Walpole.

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 Norfolk County Commissioners are hereby authorized to raise and expend a sum not exceeding $28,552,385.00 (Twenty eight million five hundred fifty two thousand three hundred eighty five dollars) for the preparation of plans and specifications for the repair, renovation, construction, equipping and furnishing of the facilities of the Norfolk County Agricultural High School located at 400 Main Street, Walpole MA, as associated with the project scope and budget agreement approved by the Massachusetts School Building Authority on September 29, 2010. Said sum is to be expended under the direction of the Norfolk County Agricultural High School Building Committee. The Norfolk County Agricultural High School acknowledges that the Massachusetts School Building Authority's grant program is a non-entitlement, discretionary program based on need, as determined by the MSBA, and any cost the Norfolk County Agricultural High School incurs in excess of any grant approved by and received from the MSBA shall be the sole responsibility of the Norfolk County Agricultural High School. The amount of this authorization shall be reduced by any grant amount set forth and received in the project scope and budget agreement.

SECTION 2:  For the purposes authorized by section one the Norfolk County Treasurer, with the approval of the Norfolk County Commissioners and the Norfolk County Advisory Board, may borrow upon the credit of Norfolk County such sums as may be necessary, not exceeding, in the aggregate $28,552,385.00 (Twenty eight million five hundred fifty two thousand three hundred eighty five dollars); and, may issue bonds or notes of the county thereafter, which shall bear on their face the words Norfolk County Agricultural High School Loan, Act of 2011. Each authorized issue shall constitute a separate loan, and shall be payable in not more than thirty years from their dates. The bonds or notes shall be signed by the Norfolk County Treasurer and countersigned by a majority of the Norfolk County Commissioners. Said county may sell said securities at public or private sale, upon such terms and conditions as said county commissioners may deem proper, but not for less than par value. Notwithstanding any general or special law to the contrary, the maturities of each issue of bonds issued pursuant to this act shall be arranged so that for each issue the amount payable in the several years for principal and interest combined shall be as nearly equal as practicable in the opinion of the officers authorized to issue said bonds or, in the alternative, in accordance with a schedule providing for more rapid payment of principal. Indebtedness incurred hereunder shall, except as herein provided, be subject to chapter thirty-five of the General Laws.