AN ACT AUTHORIZING CERTAIN TERMS FOR BORROWING BY THE CITY OF GARDNER FOR WATER PURPOSES.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 473 of the acts of 1985 is hereby amended by
inserting after section 1 the following section:-
Section 1A. Notwithstanding the provisions of any general or special
law to the contrary, the maturities of bonds or notes issued by the city of
Gardner for additions and improvements to its water supply and distribution
facilities shall either be arranged so that for each issue the annual
combined payments of principal and interest shall
be as nearly equal as practicable in the opinion of the city treasurer and
the mayor, 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, including notes issued in anticipation of
federal or state aid, may include interest on temporary borrowing incurred
for a period of up to twelve months after the date of the original
borrowing and may also include reimbursement to the city for sums
appropriated and expended for engineering services for the design of such
facilities. Any net earnings derived from investment of the proceeds of
the bonds or notes described herein may be expended and shall be used only
for the construction, equipping, operation or maintenance of the water
supply and distribution system of said city. Except as otherwise provided
in this act, indebtedness incurred by said city for the purpose herein
described shall be subject to the applicable provisions of chapter
forty-four of the General Laws.
SECTION 2. Any net earnings derived from the investment of the
proceeds of the bonds or notes described in section one during fiscal year
nineteen hundred and eighty-nine may be expended and shall be used only for
the construction, equipping, operation, or maintenance of the water supply
and distribution system of said city.
SECTION 3. This act shall take effect upon its passage.