AN ACT AUTHORIZING CERTAIN TERMS FOR BORROWING BY THE TOWN OF DARTMOUTH FOR WATER SYSTEM PURPOSES.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of any general or
special law to the
contrary, the maturities of bonds or notes issued by the town of Dartmouth
for the comprehensive water system improvement project authorized under
Article 8 of the warrant for its nineteen hundred and eighty-six annual
town meeting shall either be arranged so that for each issue the annual
combined installments of principal and interest payable in each year be as
nearly equal as practicable in the opinion of the town treasurer and the
board of selectmen, or shall be arranged in accordance with a schedule
providing for a more rapid amortization of principal. Project costs to be
financed by the issue of said bonds or notes may include interest on temporary
notes issued in anticipation of said bonds or notes or of any state or
federal aid to be received for project costs. Any net earnings derived from
investment of the proceeds of the bonds or notes described herein, including
temporary notes, may be expended and shall be used only to offset
appropriation made for construction, equipping, operation or maintenance of
the town's water supply and distribution system facilities, including
payments of principal and interest on said bonds or notes. Except as
otherwise provided in this act, indebtedness incurred by the town of
Dartmouth for the purposes herein described shall be subject to the
applicable provisions of chapter forty-four of the General Laws.
SECTION 2. The board of public works of the town of Dartmouth
shall at least annually
conduct a review of the rates and charges for use of the town's water
supply and distribution system, with a view to assuring that such rates and
charges shall be sufficient to cover the costs of operating and maintaining
such water supply and distribution system, including the annual payments of
principal and interest on bonds or notes issued for additions and
improvements to said system.
SECTION 3. This act shall take effect upon its passage.