Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 3 of chapter 526 of the acts of 1968 is hereby amended by striking out the fourth paragraph and inserting in place thereof the following paragraph:-
The members of the Authority shall serve without compensation, but shall be reimbursed for expenses necessarily incurred in the performance of their duties. Every member of the Authority shall execute a surety bond in such amounts as the Authority may determine from time to time, and the secretary-treasurer shall execute a surety bond in such amounts as the Authority may determine from time to time, each such surety bond to be conditioned upon the faithful performance of the duties of his office, to be executed by a surety company authorized to transact business in the commonwealth as surety, and to be approved by the attorney general and filed in the office of the state secretary.
SECTION 2. Clause (d) of the first paragraph of section 4 of said chapter 526, as appearing in section 3 of chapter 822 of the acts of 1971, is hereby amended by striking out, in line 1, the words "take by eminent domain,".
SECTION 3. Said first paragraph of said section 4 of said chapter 526, as so appearing, is hereby further amended by adding the following clause:-
(j) To conduct a restaurant business for purveying food, drink and refreshment; to obtain and do business under an alcoholic beverage license, under due public authority and in conformance with law and regulations.
SECTION 4. Section 8 of said chapter 526, as amended by said section 4 of said chapter 822, is hereby further amended by striking out the first paragraph and inserting in place thereof the following paragraph:-
The Authority is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds or notes of the Authority for the purpose of paying all or any part of the cost of a project for the acquisition, construction, reconstruction, improvement or replacement of its facilities and expenses related thereto; provided, however, that the principal amount of bonds or notes issued under this act and outstanding at any one time, exclusive of refundings, shall not exceed, in the aggregate, the sum of one million dollars. The principal and interest of such bonds or notes shall be payable solely from the funds herein provided for such payment. The bonds or notes of each issue shall be dated, shall bear interest at such rate or rates, including rates variable from time to time according to an index, banker's loan and not otherwise, as the Authority may fix, shall mature at such time or times as may be determined by the Authority, and may be made redeemable before maturity at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds or notes. The Authority shall determine the form of the bonds or notes, including interest coupons, if any, to be attached thereto, and the form and manner of execution of the bonds or notes, and shall fix the denomination or denominations of the bonds or notes and the place or places of payment of principal and interest which may be at any bank or trust company within the commonwealth. The bonds may be sold at par, premium or discount and may be sold as instruments, the principal amount of which remains constant or increases during the life of the instrument. Registered bonds may be certified. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or notes or coupons appended thereto shall cease to be such officer before the delivery of such bonds or notes, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds or notes issued under the provisions of this act shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the Uniform Commercial Code. The bonds or notes may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone, and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The Authority may sell such bonds or notes in such manner, either at public or at private sale, and for such price, as it may determine to be for the best interest of the Authority.
SECTION 5. The second paragraph of said section 8 of said chapter 526, as appearing in said section 4 of said chapter 822, is hereby amended by inserting after the word "project", in line 2, the words:- provided for herein.
SECTION 6. The third paragraph of said section 8 of said chapter 526, as so appearing, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- The issuance of such refunding bonds or notes, the maturities and other details thereof, and the duties of the Authority in respect to the same, shall be governed by the provisions of this act insofar as the same may be applicable, provided that any such refunding bonds shall mature at such time or times as may be determined by the Authority and may likewise be refunded pursuant to this section.