SENATE DOCKET, NO. 2149        FILED ON: 9/23/2014

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2374

The Commonwealth of Massachusetts

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PRESENTED BY:

Sal N. DiDomenico

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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 relative to the Glenwood Cemetery Perpetual Care Fund.

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PETITION OF:

SENATE DOCKET, NO. 2149        FILED ON: 9/23/2014

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2374

The Commonwealth of Massachusetts

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In the Year Two Thousand Fourteen

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An Act relative to the Glenwood Cemetery Perpetual Care Fund.

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.  Notwithstanding chapter 114 of the General Laws or any other general or special law to the contrary, the treasurer of the city of Everett may, from time to time, to plan and for capital expenditures for cemetery development, borrow from the Glenwood Cemetery Perpetual Care Fund established by city ordinance up to 1/3 of the market value of the fund.

SECTION 2.  Each borrowing and the terms of the borrowing including, but not limited to, the rate of interest, shall be authorized by a 2/3 vote of the city council.  The term of borrowing shall not exceed 10 years.  The principal and interest of notes or bonds issued under this act shall be paid from the proceeds of the sale of burial rights in a manner determined by city ordinance with the approval of the city council; provided, however, that no portion of the payment shall be affected by appropriation from the tax levy.

SECTION 3. The proceeds of the borrowing shall be expended as set forth in section 1 and authorized by a 2/3 vote of the city council.

SECTION 4. This act shall take effect upon its passage.