HOUSE DOCKET, NO. 3312        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 147

The Commonwealth of Massachusetts

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PRESENTED BY:

Daniel J. Hunt

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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 industrial development finance authorities.

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PETITION OF:

HOUSE DOCKET, NO. 3312        FILED ON: 1/16/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 147

The Commonwealth of Massachusetts

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In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act relative to industrial development finance authorities.

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.  Clause (l) of section 1of chapter 40D of the General Laws, as so appearing in the 2012 Official Edition, is hereby amended by striking  out, in lines 72-73, the words “In any city or in a town subject to the provisions of clause (k) of subdivision (2) of section twelve,”.

SECTION 2. Clause (1) of section 1 of chapter 40D, as so appearing, is hereby further amended by striking out the sixth sentence and inserting in place thereof the following sentence: -  “Bonds may be issued under this chapter to finance the costs of such facilities, including such costs paid prior to the authorization of such bonds as the board of directors shall approve.”

SECTION 3.  Clause (l) of section 1 of chapter 40D, as so appearing, is hereby further amended by striking out the seventh

sentence and inserting in place thereof the following sentence: -“Rental housing, including low and/or moderate income housing as defined in section 20 of chapter 40B, or facilities rented primarily to transient guests

shall be deemed an industrial enterprise within the meaning of this chapter.”

SECTION 4. Section 2 of chapter 40D, as so appearing, is hereby amended by adding to the end of the sixth paragraph the following sentence: “For the purpose of carrying out any project authorized by this chapter, a municipality acting by and through an industrial development financing authority or two or more contiguous municipalities acting by and through a consolidated industrial development financing authority shall have sole bond issuing authority for any project undertaken within the such municipality or consolidated municipalities".

SECTION 5.   Section 9 of chapter 40D, as so appearing, is hereby amended by striking out,  in lines 5-6, the words “Any bonds issued under the provisions of this chapter shall be secured by”, and inserting in place thereof the following words:- “The authority shall determine if the bonds issued under the provisions of this chapter require the appointment of a corporate trustee, if the authority so finds, it shall then authorize the execution of”.

SECTION 6.  Section 10 of chapter 40D, as so appearing, is hereby amended by striking out, in lines 74-76, the words “including a receipt of a certificate of convenience and necessity from the Massachusetts office of business development”.

SECTION 7.  Subsection (2) of section 12of chapter 40D, as so appearing, is hereby amended by striking out the first paragraph.

SECTION 8.  Subsection (2) of section 12 of chapter 40D, as so appearing, is hereby further amended by striking out, in lines 18, 20, 22, the word  “MIFA”.

SECTION 9.  Subsection (2)(b) of section 12 of chapter 40D, as so appearing,is hereby amended by striking out, in line 31, the word “MIFA”.

SECTION 10.  Section 12of chapter 40D, as so appearing, is hereby amended by striking out subsection (2)(k)..

SECTION 11. Section 12of chapter 40D, as so appearing, is hereby further amended by striking out subsection (2)(l).

SECTION 12. Section 13 of chapter 40D, as so appearing, is hereby amended by inserting after the word “deposited”, in lines 1-2, the following words: - “as approved and directed by the authority”.

SECTION 13. Section 15 of chapter 40D, as so appearing, is hereby amended  by striking out, in lines 5, 6, 9, the word “trust” and inserting in place thereof the word “financing”.