Budget Amendment ID: FY2018-S3-17

OTH 17

SouthField Redevelopment Authority Bond Technical Correction

Messrs. O'Connor and Keenan moved that the proposed new text be amended by adding the following new outside section:-

Notwithstanding the provisions of any general or special law to the contrary, Chapter 291 of the Acts of 2014 is hereby amended by adding in Section 20 (a) to the end of sentence “The authority may issue bonds secured in whole or in part by betterments, assessments, special assessments, fees and other charges, notes, debentures, long-term capital leases, grants, and governmental assistance and long-term capital leases, grants and governmental assistance and long-term contracts; provided that the authority may not secure any bonds or notes issued after the effective date of this section with a pledge or other commitment of ad valorem property taxes assessed by the authority or the towns pursuant to said section 19;”  the following new language “and provided further that any refunding or reissuance of the Series 2010A bonds, or any use of the proceeds of the Series 2010A bonds, whenever occurring, shall not be deemed to be the issuance of bonds or notes after the effective date of this section.”