AN ACT AUTHORIZING THE CITY KNOWN AS THE TOWN OF WATERTOWN TO BORROW MONEY TO PAY FOR A CERTAIN COURT JUDGMENT.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
The city known as the town of Watertown is hereby authorized, for the
purpose of paying to the Boston Edison Company sums owed as a result of a
judgment rendered against said town involving the abatement of taxes for
fiscal years nineteen hundred and seventy-six to nineteen hundred and
seventy-eight, inclusive, to appropriate and expend an amount not to exceed
eight hundred thousand dollars.
For the purpose authorized in section one, the town treasurer of the town
of Watertown, with the approval of the manager of said town, may borrow
upon the credit of said town such sums as may be necessary, not exceeding, in
the aggregate, eight hundred thousand dollars, and may issue bonds or notes
of the town which shall bear on their face the words, town of Watertown
Loan, Act of 1985. The authorized issue shall be payable in not more than
two years from its date. The bonds or notes shall be signed by the town
treasurer and by the town manager. Said town may sell such securities at a
public or private sale, upon such terms and conditions as said town manager
may deem proper, but not for less than their par value. Indebtedness
incurred hereunder shall, except as herein provided, be subject to chapter
forty-four of the General Laws.
SECTION 3. This act shall take effect upon its passage.