Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, the town of Danvers is hereby authorized to borrow, from time to time, and as provided for herein, a sum not to exceed in the aggregate six million dollars and to issue therefor bonds or notes of the town of Danvers. The proceeds of such bonds or notes shall be used to pay costs, expenses and liabilities, or to defray deficits, which arise in the fiscal years nineteen hundred and ninety-one, nineteen hundred and ninety-two, nineteen hundred and ninety-three, nineteen hundred and ninety-four and nineteen hundred and ninety-five and relate to or otherwise result from the operations, sale, transfer or closure of the Hunt Center for Emergency and Ambulatory Care, formerly known as Hunt Memorial Hospital situated in the town of Danvers. Bonds or notes issued pursuant to the authority of this act shall be general obligation bonds of the town of Danvers and the sums borrowed with respect to each particular year shall be considered a separate loan.
In no event shall the bonds or notes issued under authority of this act with respect to any particular fiscal year exceed such amount as is certified by the commissioner of revenue for such fiscal year as the amount of hospital related costs, expenses and liabilities, or hospital related deficit, which is necessary to be borrowed at the time of certification in order to promote and ensure the fiscal stability of the town of Danvers. Bonds or notes issued from time to time under authority of this act shall be payable within five years of their date of issuance, and in no event shall any such bond or note be issued subsequent to June thirtieth, nineteen hundred and ninety-seven.
SECTION 2. Indebtedness incurred under the provisions of this act shall not be included in determining the statutory limit of indebtedness of the town of Danvers under section ten of chapter forty-four of the General Laws but, except as provided herein, shall otherwise be subject to the provisions of said chapter forty-four.
SECTION 3. Notwithstanding the provisions of section sixty-three of chapter forty-four of the General Laws or any other general or special law to the contrary, the town of Danvers is hereby authorized to expend the proceeds from the sale or transfer of the real estate, personal property or other assets of the Hunt Center for Emergency and Ambulatory Care, formerly known as Hunt Memorial Hospital for any costs or expenses resulting directly or indirectly from the operations or closure of said hospital.
SECTION 4. This act shall take effect upon its passage.