SECTION 1. For a program of grants to cities and towns for approved public library projects as authorized by sections 19G to 19I, inclusive, of chapter 78 of the General Laws; provided further, that not more than $500,000 of the amount authorized herein may be expended by the board of library commissioners for the administrative costs directly attributable to the projects funded herein, including the costs of temporary personnel; provided, however, that no permanent personnel shall be compensated from this item; provided further, that said board shall file an annual spending plan with the fiscal affairs division and the house and senate committees on ways and means which details, by subsidiary, all temporary personnel and administrative costs charged to this item…………………………………………………………$150,000,000.
SECTION 2. To fund initial deposits to the public library projects, established in section 1, the state treasurer shall, upon the request of the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding, in the aggregate, the sum or $150,000,000. All bonds issued by the Commonwealth as aforesaid shall be designated on their face, Public Library Projects, Act of 2012, and shall be issued for such maximum term of years, not exceeding 20 years, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution. All such bonds shall be payable not later than June 30, 2033. All interest and payments on account of principal of such obligations shall be payable from the General Fund. Bonds issued under the authority of this section shall not be included in the computation of outstanding direct bonds for purposes of the limit imposed by the second paragraph of section 60A of chapter 29 of the General Laws, nor included in the computation of general obligation debt for purposes of the limit imposed by section 60B of said chapter 29.
SECTION 3. This act shall take effect upon its passage.
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