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 section twenty-three of chapter fifty-nine of the General Laws or any other general or special law to the contrary, the city of Everett is authorized to raise over consecutive years amounts required to satisfy judgments not to exceed five million dollars in total, against the city in the civil action entitled Bordinaro et al v. City of Everett. Amounts to be raised shall be certified annually by the city treasurer to the board of assessors prior to the approval of a tax rate, and any amount certified shall not be less than one-fifteenth of the total of the final judgment.
SECTION 2. The city of Everett is authorized to borrow, at one time, a sum not exceeding in the aggregate five million dollars and to issue therefor bonds or notes the proceeds of which shall be deposited into an account established by the city to be used to finance any amounts not raised, as described in section one, for the purpose of satisfying a judgment against the city in the civil action entitled Bordinaro et al v. City of Everett. Such bonds or notes shall bear on their face the words City of Everett Judgment Account Loan, Act of 1990 and shall be payable within ten years from its date, or if said loan is issued after July first, nineteen hundred and ninety-five, such loan shall be payable before June thirtieth, two thousand and six.
SECTION 3. Indebtedness incurred under this act shall not be included in determining the statutory limit of indebtedness of the city 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 4. This act shall take effect upon its passage.