SECTION 1. The Bristol county commissioners may raise and expend a sum not exceeding $103,750,000.00 for the preparation of plans and specifications for the repair, renovation, construction, equipping and furnishing of the facilities of the Bristol county agricultural high school located at 135 Center Street in the town of Dighton as associated with the project scope and budget agreement to be approved by the Massachusetts School Building Authority on June 27, 2018. Said sum shall be expended under the direction of the Bristol county agricultural high school building committee. Any cost the Bristol county agricultural school incurs in excess of any grant approved by and received from the Massachusetts School Building Authority shall be the sole responsibility of the Bristol 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 in section 1, the Bristol county treasurer, with the approval of the Bristol county commissioners and the Bristol county advisory board, may borrow upon the credit of Bristol county such sums as may be necessary, not exceeding, in the aggregate, $103,750,000. and may issue bonds or notes of the county thereafter, which shall bear on their face the words “Bristol County Agricultural High School Loan, Act of 2018”. Each authorized issue shall constitute a separate loan and each such loan shall be payable not more than 30 years from the date of issuance. The bonds or notes shall be signed by the Bristol county treasurer and countersigned by a majority of the Bristol county commissioners. The county may sell such securities at public or private sale, upon such terms and conditions as the Bristol 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 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 chapter 35 of the General Laws.
SECTION 3. The Bristol county commissioners shall assess debt service which shall be apportioned to the municipalities annual tuition for the ensuing fiscal year in the following manner: Each municipality share of the debt for each fiscal year shall be determined by computing the ratio which the municipality’s pupil enrollment at Bristol county agricultural high school on October 1 of the fiscal year preceding the fiscal year for which the apportionment is determined bears to the total school enrollment on said date.
SECTION 4. This act shall take effect upon its passage.
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