Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The town of Wilmington is hereby authorized for the purpose of paying a judgment rendered in the case of Avco Manufacturing Corporation v. Board of Assessors of Wilmington and costs incidental and related thereto to appropriate and expend an amount not to exceed one million five hundred thousand dollars.
SECTION 2. For the purpose authorized in section one, the town treasurer of the town of Wilmington may borrow upon the credit of said town such sums as may be necessary not exceeding, in the aggregate, one million five hundred thousand dollars and may issue bonds or notes of said town which shall bear on their face the words "Town of Wilmington Loan, Act of 1992".
Each authorized issue of bonds or notes shall constitute a separate loan and each such loan shall be payable over a term not exceeding ten years. Bonds or notes issued hereunder shall be subject to the provisions of chapter forty-four of the General Laws, including the limitation provided in section ten.
SECTION 3. All acts and proceedings taken by the town of Wilmington at its annual town meeting held on April eighteenth and April twenty-fifth, nineteen hundred and ninety-two appropriating funds and authorizing the borrowing of one million five hundred thousand dollars for the payment of a judgment in the case of Avco Manufacturing Corporation v. Board of Assessors of Wilmington, and costs incidental and related thereto, are hereby validated, ratified and confirmed in all respects, to the same extent as if this act had been in full force and effect at the time of said meeting.
SECTION 4. This act shall take effect upon its passage.