Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 29 of chapter 23A of the General Laws is hereby amended by inserting after the paragraph inserted by section 1 of chapter 342 of the acts of 1987 the following paragraph:-
Provision for additional and alternative means of financing for nonprofit institutions which provide a program of cultural or educational services will enable such institutions to provide necessary services and resources to the people of the commonwealth.
SECTION 2. Subsection (a) of section 30 of said chapter 23A, as appearing in section 2 of said chapter 342, is hereby amended by striking out the second paragraph and inserting in place thereof the following paragraph:-
The words "Industrial enterprise" as used in sections twenty-nine to thirty-eight, inclusive, shall, unless the context requires otherwise, have the same meaning as set forth in section one of chapter forty D; provided, however, that the next to the last sentence of paragraph (1) of said section one shall not apply to the agency; and provided, further, that as used in said sections twenty-nine to thirty-eight, inclusive, the words "industrial enterprise" shall also include an institution. For the purposes of this chapter and of chapter forty D, as applied to the agency, an institution shall not be deemed to constitute a commercial enterprise. The board shall not be required with respect to an institution to make the findings set forth in clauses (e) and (k) of subsection (2) of section twelve of chapter forty D if the board finds that the issuance of the bonds will result in a public benefit.
SECTION 3. Subsection (b) of said section 30 of said chapter 23A, as so appearing, is hereby amended by inserting after the definition of "Industrial Mortgage Insurance Fund" the following definition:-
"Institution", a nonprofit corporation organized to operate a facility or facilities that provide cultural or educational services.
SECTION 4. The first paragraph of paragraph (a) of section 35 of said chapter 23A, as appearing in section 5 of said chapter 342, is hereby amended by adding the following sentence:- Refunding or refinancing of outstanding costs, obligations, mortgages or advances made by an institution in connection with a facility or facilities that provide cultural or educational services prior to the authorization of bonds by the board of the agency may be financed for any such institution.
SECTION 5. Paragraph (b) of said section 35 of said chapter 23A, as so appearing, is hereby amended by striking out, in lines 11 and 12, the words "for the use of a non-profit entity or".