Amendment #4 to H3505

allowing Dukes County airport to borrow funds

Mr. Fernandes of Falmouth moves to amend the bill by adding the following section:

SECTION  XXXX. The county commissioners of the county of Dukes County may raise and expend a sum not exceeding $1,265,791 to pay costs of making various capital improvements at and acquiring items of capital equipment for the Martha’s Vineyard Airport, and for the payment of all other costs incidental and related thereto.

Section 1. For the purposes of this act, the treasurer of the county, with the approval of the county commissioners, may borrow upon the credit of the county such sums as may be necessary, not exceeding in the aggregate $1,265,791, and may issue bonds or notes of the county therefor, which shall be designated on their face Dukes County Airport Improvement Loan, Act of 2019.  Each authorized issue shall constitute a separate loan and such loans shall be issued for not more than 30 years. The bonds or notes shall be signed by the county treasurer and countersigned by a majority of the county commissioners. The county may sell such bonds or notes at public sale upon such terms and conditions as the county commissioners may deem proper, but not for less than their par value. Section 38 of chapter 35 of the General Laws shall not apply to the issuance of any bonds of the county, and section 39B of chapter 35 of the General Laws shall not apply to the issuance by the county of any notes in anticipation of bonds, or in anticipation of federal or state grants.  Indebtedness incurred under this section shall, except as provided in this act, be subject to chapter 35 of the General Laws.

Section 2.  This act shall take effect upon its passage