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 Wareham is hereby authorized, for the purpose of paying a judgment rendered in the case of Fidelity & Deposit Company of Maryland v. Town of Wareham, to appropriate and expend an amount not to exceed one million four hundred and fifty thousand dollars.
SECTION 2. For the purpose authorized in section one, the town treasurer of the town of Wareham, with the approval of the board of selectmen, may borrow upon the credit of said town such sums as may be necessary, not exceeding, in the aggregate, one million four hundred and fifty thousand dollars, and may issue bonds or notes of the town therefor, which shall bear on their face the words, Town of Wareham 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. Each authorized issue shall be payable in not more than five years from its date. Indebtedness incurred hereunder shall, except as herein provided, be subject to chapter forty-four of the General Laws.
SECTION 3. This act shall take effect upon its passage.