Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding any general or special law to the contrary, indebtedness incurred by a city, town, or regional school district for the purpose of constructing, equipping, and furnishing a new school facility or renovating, remodeling and adding to an existing school facility shall be subject to the applicable provisions of chapter six hundred and forty-five of the acts of nineteen hundred and forty-eight and chapter forty-four of the General Laws; provided, however, that the annual payment of maturities of the bonds or notes issued by such city, town, or regional school district shall be arranged when so desired by such city, town or regional school district so that each issue of the annual combined payment of principal and interest shall be as nearly equal as practicable for each year of the full term of said bonds or notes, or shall be arranged in conformance with the equal amortization of principal as provided in said chapter six hundred and forty-five.
SECTION 2. Notwithstanding the method of payment of maturities used by the city, town or regional school district, in no school project under chapter six hundred and forty-five of the acts of nineteen hundred and forty-eight, shall a city, town or regional school district receive a larger state reimbursement grant for school building assistance than the grant calculated within the provisions of said chapter six hundred and forty-five with equal annual payments of principal and with interest calculated for the equal annual payments throughout the full term of the bonds or notes which shall not be less than five nor more than twenty years for terms of any bonds or notes for reimbursement grants under said chapter six hundred and forty-five.