Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 4 of chapter 44 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by striking out the first sentence and inserting in place thereof the following sentence:- Cities, towns and districts may incur debt in any fiscal year for temporary loans in anticipation of the revenue of the fiscal year in which the debt is incurred, and may issue notes therefor to an amount which for cities and towns shall not exceed in the aggregate the total tax levy of the fiscal year preceding the fiscal year in which the debt is incurred, together with the net amount received during such preceding fiscal year from the excise on motor vehicles and trailers, as provided by chapter sixty A, and the payments made by the commonwealth in lieu of taxes on account of property taken for institutions or for metropolitan district purposes; and for districts shall not exceed the receipts from taxes, rates and services of the fiscal year preceding that in which the debt is incurred, and for newly established districts which have not yet had receipts from taxes, rates and services throughout an entire fiscal year, an amount as fixed by vote of the district.
SECTION 2. Section four A of said chapter forty-four is hereby repealed.