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 chapter three hundred and ninety-one of the acts of nineteen hundred and twenty or any general or special law to the contrary, the town of Townsend is hereby authorized for the purpose of the extension and looping of water mains in said town to appropriate and expend an amount not to exceed one million three hundred thirty-four thousand and eight hundred dollars.
SECTION 2. For the purpose authorized in section one the town treasurer of the town of Townsend, 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, one million three hundred thirty-four thousand and eight hundred dollars and may issue bonds and notes of the town therefor, which shall bear on their face the words, Town of Townsend Water Improvement Loan, Act of 1987. 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 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.