Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The town of Swampscott is hereby authorized, for the purpose of paying judgements rendered against said town in the superior court department of the trial court in the county of Essex, in the so-called "Blue Cross/Blue Shield" case, docket number 16884Z, 15771, 83166 and others, to appropriate and expend an amount not to exceed seven hundred thousand dollars.
SECTION 2. For the purpose authorized in section one, the town treasurer of the town of Swampscott, with the approval of the board of selectmen of said town, may borrow upon the credit of the town such sums as may be necessary, not exceeding, in the aggregate, seven hundred thousand dollars, and may issue bonds or notes of the town therefor, which shall bear on their face the words, Town of Swampscott Loan, Act of 1985. The indebtedness incurred under the provisions of this act shall be deemed to be outside the debt limit as defined in section ten of chapter forty-four of the General Laws. The authorized issue shall be payable in not more than five years from its date. The bonds or notes shall be signed by said town treasurer and a majority of said board of selectmen. Said town may sell such securities at a public or private sale, upon such terms and conditions as said board of selectmen may deem proper, but not for less than their par value. Indebtedness incurred hereunder shall, except as herein provided, be subject to chapter forty of the General Laws.
SECTION 3. This act shall take effect upon its passage.