Skip to Content


HOUSE DOCKET, NO. 1282         FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 174

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Steven M. Walsh

_______________

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 establishing a revolving fund for municipal building repair.

_______________

PETITION OF:

 

Name:

District/Address:

Steven M. Walsh

11th Essex

Robert F. Fennell

10th Essex

Thomas M. McGee

Third Essex


HOUSE DOCKET, NO. 1282        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 174

By Mr. Walsh of Lynn, a petition (accompanied by bill, House, No. 174) of Steven M. Walsh, Robert F. Fennell and Thomas M. McGee relative to establishing a revolving fund for municipal building repair within the Massachusetts Development Finance Agency.  Community Development and Small Businesses. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 998 OF 2011-2012.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

An Act establishing a revolving fund for municipal building repair.
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              Chapter 23G of the Massachusetts General Laws, as appearing in the 2010 Official Edition, is hereby amended by adding at the end thereof the following section:-

              SECTION 45. Massachusetts Municipal Building Emergency Repair Revolving Loan Fund

              Section 1. The Massachusetts Development Finance Agency is hereby authorized and directed to expend an amount not to exceed twenty-five million dollars for the purpose of establishing a revolving fund to make interest-free or low interest loans to municipalities for the purpose of repairing municipal buildings which have sustained substantial damage within five years of construction because of construction or architectural flaws through no fault of the municipality.

              Section 2. To meet expenditures necessary in carrying out the provisions of Section 1 of this Act, the State Treasurer shall, upon request of the Governor, issue and sell bonds of the Commonwealth, to an amount specified by the Governor from time to time, not exceeding in the aggregate, the sum of twenty-five million dollars.  All bonds issued by the Commonwealth shall be designated on their face, Municipal Building Emergency Repair Loan, Act of 20xx, and shall be issued for such maximum term of years not exceeding twenty years, as the Governor may recommend to the General Court pursuant to

              Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth; provided, however, that all such bonds shall be payable not later than June 30, 2025.  Bonds and interest thereon issued under the authority of this Section shall, notwithstanding any other provisions of this Act, be general obligations of the Commonwealth.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Error