AN ACT RELATIVE TO THE ISSUANCE OF NOTES BY THE MOHAWK TRAIL REGIONAL SCHOOL COMMITTEE.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 398 of the acts of 1982 is hereby amended by striking out section 1
and inserting in place thereof the following section:-
Section 1. Notwithstanding the provisions of any law to the contrary,
the chairman and treasurer of the district school committee of the Mohawk
Trail Regional School District may, during any fiscal year, issue notes in
anticipation of reimbursement by the commonwealth in the name and upon the
full faith and credit of said district, in an amount not greater than the
amount of payments to be made by said district to any regional vocational
school district during the same fiscal year,
acting in the role of trustee for state-aided vocational education in
accordance with the provisions of chapter seventy-four of the General Laws,
on behalf of those towns which are members of said district but which do
not hold concurrent membership with any regional vocational-technical
school district. The proceeds of reimbursement received from the
commonwealth attributable to that fiscal year for such vocational education
shall be applied to the discharge of any loan incurred under this act,
without the necessity of further appropriation. Notes may be issued under
this act for a period not exceeding three years from their dates. Notes
issued for a shorter period may be refunded by the issue of other notes,
provided that the period from the date of issue of an original note to the
date of maturity of any note issued to refund or pay the same debt shall
not exceed three years; provided, however, that no note shall be so
refunded unless the chairman and treasurer shall determine that at the time
of the refunding reimbursement from the commonwealth is
expected in a total amount at least equal to the amount of the refunding
loan. Costs incurred by the district under this act, including payments of
interest and issuing costs, shall be apportioned among the towns upon whose
behalf the payments are made.
Said chapter 398 is hereby further amended by striking out section 2 and
inserting in place thereof the following section:-
Section 2. This act shall take effect upon its passage.
The issuance by the district of a note under the provisions of chapter three hundred and
ninety-eight of the acts of
nineteen hundred and eighty-two, dated March first, nineteen hundred and
eighty-four and payable March first, nineteen hundred and eighty-five, is
hereby validated and ratified.
SECTION 4. This act shall take effect upon its passage.