AN ACT RELATIVE TO THE ISSUANCE OF CERTAIN BONDS AND NOTES BY THE CITY OF SPRINGFIELD.
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 chapter forty-four of
the General Laws to the contrary, the following provisions of this act shall
apply to any bonds or notes issued by the city of Springfield for a project for
which the department of education has then acknowledged receipt of a completed
application for a school construction grant under chapter six hundred and
forty-five of the acts of nineteen hundred and forty-eight. Costs
to be financed by the issuance of bonds or notes for such a project may include
interest incurred on any bond anticipation notes issued for the project and any
other interest incurred on bonds or notes issued for the project during the
period ending not later than the year in which the first annual construction
grant payment for the project is expected, as
determined by the department of education or otherwise by the city treasurer.
The first payment of principal of each issue of bonds may be made in the first
reimbursement year, or otherwise in accordance with said chapter forty-four of
the General Laws,
and the last payment of principal shall be not later than twenty years after
the first principal payment date. Except as otherwise provided in this act,
indebtedness incurred by the city for school projects shall be subject to all
applicable provisions of said chapter forty-four of the General Laws and said
chapter six hundred
and forty-five of the acts of nineteen hundred and forty-eight.
SECTION 2. This act shall take effect upon its passage.