Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The provisions of section twenty-two A of chapter forty-four of the General Laws shall apply to any bonds issued by the Southern Berkshire Regional School District for the project authorized by its regional district school committee on January nineteenth, nineteen hundred and eighty-nine, upon a two-thirds vote of the school committee; provided, however, that the powers granted by said section twenty-two A to the mayor of a city shall be exercised by the chairman of the school committee. Bonds issued for said project may be issued for a term not to exceed twenty years from the date of issue. In all other respects said bonds shall be subject to the applicable provisions of chapters forty-four and seventy-one of the General Laws.
SECTION 2. The proceeds of any construction grant approved pursuant to chapter six hundred and forty-five of the acts of nineteen hundred and forty-eight for said project shall be paid directly to the trustee appointed in accordance with section four, which proceeds shall be held in trust and applied by said trustee to pay principal and interest on the bonds issued by the district.
SECTION 3. At least five days prior to each date on which a payment of principal or interest is due on bonds or notes issued for said project, the district treasurer shall deposit with the trustee the amount necessary to make payment, after taking account of all other moneys held by the trustee that are available for such purpose.
SECTION 4. Any funds to be held in trust under sections two and three shall be deposited with a corporate trustee, which may be any trust company or bank having the powers of a trust company within the commonwealth. The treasurer of the district with the approval of the chairman of the school committee shall appoint the trustee and shall execute a trust agreement in such form as they may determine to be necessary or appropriate. Any such funds held in trust may be invested in accordance with the provisions of section fifty-four of chapter forty-four of the General Laws, and the trust agreement may provide that any investment earnings shall be applied without appropriation to pay project costs, debt service on bonds or notes issued by the district for the project or trustee's fees and other related expenses.
SECTION 5. This act shall take effect upon its passage.