Chapter 44

Section 1 Definitions
Section 2 Limitations and restrictions upon manner of incurring debt
Section 3 Computation of indebtedness
Section 4 Temporary loans in anticipation of revenue; conditions; limitations
Section 4A Repealed, 1990, 210, Sec. 2
Section 4B Expired. See 1976, 4, Sec. 33
Section 5 to 5B Repealed, 1969, 849, Sec. 48; 1971, 766, Sec. 11
Section 6 Power to incur debt for payment of land damages, altering grade crossings, and highway or traffic control expenditures
Section 6A Power to borrow in anticipation of reimbursement by federal government or commonwealth
Section 7 Cities and towns; purposes for borrowing money within debt limit
Section 8 Cities and towns; purposes for borrowing money outside debt limit
Section 8A Orders authorizing issuance of bonds; authentication
Section 8B Cities and towns; right to replace lost funds deposited; liquidation or insolvency of depository bank
Section 8C Cities and towns; acquisition of land for conservation or recreation purposes in anticipation of state or federal reimbursement of expense; temporary debt outside limit authorized
Section 9 Districts; right to borrow money; purposes; amount
Section 10 Debt limit
Section 11 Debt retirement; provision for earlier payment
Section 12 Repealed, 1946, 358, Sec. 16
Section 13, 13A Repealed, 1971, 766, Sec. 11
Section 14 Liability for lawful debts
Section 15 Liability for legal debts contracted under special acts
Section 16 Issuance of bonds, notes and certificates of indebtedness; procedure; form; contracts with banking or financial institutions
Section 16A Facsimile signature
Section 16B Facsimile seal; validity
Section 16C Repealed, 1984, 400, Sec. 3
Section 17 Temporary loans; refund; repayment
Section 17A Repealed, 1992, 143, Sec. 3
Section 18 Discount of notes
Section 19 Issuance of notes payable on demand forbidden; procedure for repaying debts; time for making final payment
Section 19A Inability to pay interest or principal of bonds, notes or certificates of indebtedness; notice; certification to state treasurer; payment by state treasurer
Section 20 Proceeds from sale of bonds; restrictions on use; disposition of premiums
Section 20A Advances made in anticipation of proceeds
Section 21 Call and redemption prior to maturity
Section 21A Refunding bonds; issuance; present values
Section 21B Designation of tax credit bonds; sinking fund; sale of tax credit bonds; issuance of refunding bonds
Section 21C Lease purchase financing agreements
Section 22 Rate of interest
Section 22A Insurance, letters or lines of credit for bonds or notes; trust agreements
Section 22B Bonds and notes; official statements; advertising; collateral tax consequences to social security recipients
Section 22C Security for bonds or notes; insurance, letters or lines of credit, trust agreements
Section 23 Forms for notes
Section 24 Authentication; certification
Section 24A Bearer instruments
Section 25 Repealed, 2016, 218, Sec. 70
Section 26 Repealed, 2010, 188, Sec. 35
Section 27 Certification; evidence of liability
Section 27A Effect of provisions on power to issue notes
Section 28 Report to director of accounts required
Section 28A Applicability of finance law to school districts
Section 28B Applicability of finance law to planning districts
Section 28C Management of solid waste; project costs; debt obligations
Section 29 Repealed, 1969, 849, Sec. 48; 1971, 766, Sec. 11
Section 30 Determination of amount of appropriation for departments
Section 31 Liabilities in excess of appropriations forbidden; exceptions
Section 31A Report of estimated expenses; period covered; contents
Section 31B Repealed, 1969, 505, Sec. 6
Section 31C Construction contracts; certificate as to availability of funds; effect of certificate upon defense of insufficiency of appropriations
Section 31D Snow and ice removal; emergency expenditures; reporting requirements
Section 32 Submission of city budget to city council; procedure for approval, rejection or alteration
Section 33 Power of council to add to appropriation; conditions; limitations
Section 33A Salary provisions in budget; requirements and limitations
Section 33B Transfer of appropriations; restrictions
Section 34 Repealed, 1969, 849, Sec. 48; 1971, 766, Sec. 11
Section 35 Audits of accounts; when conducted; governmental units to be considered districts; copy to be sent to chief executive officer; costs
Section 36, 37 Repealed, 2016, 218, Sec. 78
Section 38 Uniformity of accounting classifications; standards; authority of director
Section 39 Results of audit; report to municipality
Section 40 Audit of accounts; frequency; reports
Section 41 Failure to meet minimum standards and methods of accounting; expenses of auditing; payment
Section 42 Audits by private accountants; required reports
Section 42A Pilot program for audits of public functions of city, town, county, etc. where irregularities or illegal acts are suspected; establishment
Section 43 Accounting reports; returns; forms
Section 44 Reports of municipal statistics; publication
Section 45 Powers of director; attendance of witnesses; production of books and documents
Section 46 Repealed, 2016, 218, Sec. 82
Section 46A Powers of director; investigation of municipal affairs
Section 47 Right to establish or use
Section 48 Sinking fund commissioners; powers and duties; records; compensation
Section 49 Issuance of new bonds
Section 50 Repealed, 1921, 486, Sec. 12
Section 51 Repealed, 1938, 458
Section 52 Issuance of bonds in exchange for bearer instruments
Section 53 City, town or district funds; use and disposition
Section 53A Grants and gifts; acceptance and expenditure
Section 53A 1/2 Gifts of tangible personal property; acceptance
Section 53B Contributions by commonwealth; application to indebtedness
Section 53C Deposit and expenditure of compensation for off-duty or special detail work; appropriation for special fund; fee
Section 53D Recreation and park self-supporting service revolving funds; creation; authorized use of funds; annual report; revocation of provisions
Section 53E Agencies, boards, etc.; annual operating costs; offset by estimated receipts of user fees
Section 53E 1/2 Revolving funds
Section 53E 3/4 Energy Revolving Loan Fund
Section 53F Deposits of public funds in banking institutions in return for banking services
Section 53F 1/2 Enterprise funds
Section 53F 3/4 PEG Access and Cable Related Fund
Section 53G Employment of outside consultants
Section 53G 1/2 Special account for deposits to secure the performance of an obligation by an applicant for a license or permit
Section 53H Rebate to federal government to exclude interest paid on bonds from gross income
Section 53I Settlement or incorporation celebrations; special fund
Section 53J Reservation of revenues from betterments or special assessments to repay debt issued in connection to such improvements
Section 53K Establishment of revenue account
Section 54 Investment of trust funds
Section 55 Public funds on deposit; limitations; investments
Section 55A Liability of depositor for losses due to bankruptcy
Section 55B Investment of public funds
Section 55C Municipal Affordable Housing Trust Fund
Section 56 Towns; fiscal year
Section 56A Cities; fiscal year
Section 57 Taxation; interest on debts incurred in aid of a railroad
Section 58 Cities and towns; limitation on purchasing powers
Section 59 Enforcement of chapter
Section 60 Penalty for violation of law controlling handling of town and district notes
Section 61 Penalty for refusal to issue bond in exchange for bearer instruments in sinking funds
Section 62 Penalty for violation of provisions of chapter by officials
Section 63 Sale or other disposal of realty; disposition of proceeds
Section 63A Sales of public land; payment of taxes
Section 64 Payment of bills incurred in excess of appropriations
Section 65 Vacation pay; advances to employees
Section 66 Advances to public employees
Section 67 Deferred compensation program for employees; authorized investments; requisites; limitations
Section 67A Employee individual retirement accounts
Section 68 Retroactive salary increases
Section 69 Municipal or district services, fees or charges; insufficient funds checks or electronic funds transfers; penalty
Section 70 Payment for municipal programs, services, and activities; federal government reimbursements and other resources
Section 71 Contracts for revenue raising activities; regulations and guidelines; negotiation
Section 72 Federal funds for reimbursable medical expenses; distribution
Section 73 Requests for proposals for design and construction services in public-private partnership development agreement seeking assistance under chapter 29C; technical assistance from public-private partnership infrastructure oversight commission

Chapter 44

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Chapter 44: MUNICIPAL FINANCE