Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 669 of the acts of 1985 is hereby amended by striking out sections 1, 2 and 3 and inserting in place thereof the following three sections:-
Section 1. The county commissioners of Barnstable county, with the approval of the advisory board on county expenditures in said county, are hereby authorized to expend a sum not to exceed five million five hundred thousand dollars for the development of a nursing home and wastewater treatment facility on the grounds of the Barnstable county hospital. Said commissioners are further authorized to expend sums which have been contributed by public subscription or by donations deposited with the county treasurer for the purpose aforesaid and funds in the Capital Stabilization Fund; provided, however, that the total amount of such expenditures is deducted from the amount authorized for development under this section.
Section 2. For the purposes aforesaid, including interest costs during construction and for up to one year after completion of the project for which a loan is issued as estimated by the county commissioners, and subject to the provisions of section one, the treasurer of Barnstable county, with the approval of the county commissioners and said advisory board on county expenditures, may borrow upon the credit of the county such sums as may be necessary, not exceeding, in the aggregate, five million five hundred thousand dollars and may issue bonds or notes of the county therefor, which shall bear on their face the words, Barnstable County Nursing Home and Wastewater Treatment Facility Loan, Act of 1985. Each authorized issue shall constitute a separate loan and such loans shall be payable in not more than twenty years from their dates. The first annual principal payment on account of any loan shall be made not later than one year after the date of issue of the bonds or notes issued for the serial loan, or one year from the date of commencement of the project for which such loan is issued as determined or estimated by the county commissioners, whichever date is later, and the principal payments shall be arranged so that for each issue the amounts payable in the several years for principal and interest combined shall be as nearly equal as practicable in the opinion of the county treasurer, or, in the alternative, in accordance with a schedule providing a more rapid amortization of principal. The bonds or notes shall be signed by the county treasurer and countersigned by a majority of the county commissioners. The county may sell the said securities and any notes issued under section three at public or private sale without advertisement for bids, and upon such terms and conditions as the county commissioners and county advisory board deem proper, but not for less than their par value. Indebtedness incurred hereunder shall, except as herein provided, be subject to chapter thirty-five of the General Laws.
Section 3. The county treasurer, with the approval of the county commissioners and said advisory board on county expenditures, may issue temporary notes of the county, payable in not more than two years from their dates, in anticipation of the issue of serial bonds or notes under this act, but the time within which such serial bonds or notes shall become due and payable shall not, by reason of such temporary notes, be extended beyond the time fixed by this act. Temporary notes issued hereunder for a shorter period than two years may be refunded by the issue of other temporary notes, provided that the period from the date of issue of the original temporary notes to the date of maturity of the refunding notes shall not be more than two years. Any notes issued in anticipation of the serial bonds or notes shall be paid from the proceeds thereof.
SECTION 2. This act shall take effect upon its passage.