AN ACT AUTHORIZING THE TOWN OF NORTH ANDOVER TO ISSUE BONDS FOR THE ACQUISITION OF A SEWER SYSTEM AND PUMP STATION BUILDING AND EQUIPMENT AND INTERESTS IN LAND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding any general or special law to the
contrary, the town of North Andover is hereby authorized to borrow such
sums as may be necessary, not to exceed an aggregate amount of four hundred
sixty-seven thousand five hundred dollars, for the purpose of purchasing from
Angus Realty Corporation a privately owned sewer system and sewer pumping
station, including the building in which the pumping station is housed and the
equipment associated therewith, and interests in the land related thereto, and
may issue bonds or notes therefor. Each authorized issue shall constitute a
separate loan and each such loan shall be payable within twenty years from its
date. For each such issue the amounts payable in the several years for
principal and interest combined shall be as nearly equal as practicable in the
opinion of the officers authorized to issue said bonds or notes or, in the
alternative, in accordance with a schedule providing a more rapid amortization
of principal. Bonds and notes may be issued hereunder by the town treasurer
with the approval of the board of selectmen and the proceeds thereof may be
expended without further authorization or appropriation by the town. The town
may issue temporary loans in anticipation of the issuance of such borrowing
pursuant to section seventeen of chapter forty-four of the General Laws.
Indebtedness incurred under this act shall not be included in determining the
limit of indebtedness of the town under section ten of said chapter forty-four
but, except as provided herein, shall otherwise be subject to the provisions of
said chapter forty-four.
SECTION 2. The board of selectmen of the town of North Andover may
levy a special betterment assessment under chapters eighty and eighty-three of
the General Laws upon the property benefitted by the sewer and pumping station
acquisition in order to pay for all or any portion of the costs to be financed
under section one of this act, notwithstanding any limitation in said chapter
eighty-three or any other provision of the General Laws limiting the amount of
costs of any particular improvements that may be paid from such betterment
SECTION 3. The vote passed under Article 21 of the warrant for the
nineteen hundred and ninety-two annual town meeting is hereby validated,
ratified and confirmed in all respects.
SECTION 4. This act shall take effect upon its passage.