AN ACT AUTHORIZING THE ISSUANCE OF CERTAIN REFUNDING BONDS BY THE OLD COLONY REGIONAL VOCATIONAL TECHNICAL HIGH SCHOOL DISTRICT.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The Old Colony Regional Vocational Technical High School
District is hereby authorized to borrow at one time or from time to time such
sums as it may determine to be necessary not exceeding, in the aggregate, one
million dollars to refund all or a portion of said district's bonds coming due
in the years nineteen hundred and ninety-two to nineteen hundred and
ninety-four, inclusive, in the principal amount of seven hundred fifty-five
thousand dollars; to refund all or a portion of said district's revenue
anticipation notes which were issued in the principal amount of two hundred and
thirty-five thousand dollars to pay principal on bonds of said district that
came due in August, nineteen hundred and ninety-one; and to pay expenses of
issue in connection with the refundings.
SECTION 2. For the purposes described in section one, said district
may issue its refunding bonds or notes. Each authorized issue of such
refunding bonds or notes shall constitute a separate loan and such loans shall
be payable in not more than ten years from their dates. The maturities of each
issue of the refunding bonds or notes shall be arranged so that the annual
combined payments of principal and interest shall be as nearly equal as
practicable in the opinion of the district treasurer of said district or shall
be arranged in accordance with a schedule providing for a more rapid
amortization of principal. Indebtedness incurred hereunder shall, except as
provided herein, be subject to the applicable provisions of chapters forty-four
and seventy-one of the General Laws.
SECTION 3. This act shall take effect upon its passage.