Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The Greater New Bedford Regional Vocational Technical High School District is hereby authorized, subject to the prior approval of the commissioner of revenue, to borrow at one time or from time to time a sum not to exceed four million three hundred thousand dollars in the aggregate to refund all or a portion of the districts bonds coming due in the years nineteen hundred and ninety and nineteen hundred and ninety-one in the principal amount of two million five hundred and eighty-five thousand dollars, to refund all or a portion of the districts revenue anticipation notes on the principal amount of one million six hundred and eighty-five thousand dollars which were issued to pay a like amount of the districts bonds which came due in April and May of nineteen hundred and eighty-nine and to pay for expenses of issue in connection with the refundings.
SECTION 2. For the purposes described in section one, the district may, subject to the prior approval of the commissioner of revenue, issue refunding bonds which shall be payable in not more than ten years from their dates and which shall bear on their face the words Greater New Bedford Regional Vocational Technical High School District Refunding Loan, Act of 1990. The maturities of the refunding bonds shall 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 district treasurer or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The district may also issue notes under section seventeen of chapter forty-four of the General Laws in anticipation of the refunding bonds. Except as provided herein, any borrowing under this act shall be subject to the provisions of chapter four hundred and twenty-eight of the acts of nineteen hundred and seventy-one.
SECTION 3. This act shall take effect upon its passage.