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  • Acts
  • 1997
  • Chapter 23 AN ACT RELATIVE TO THE MASSACHUSETTS GOVERNMENT LAND BANK AND THE DEVENS COMMERCE CENTER.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:


SECTION 1. Section 8A of chapter 212 of the acts of 1975 is hereby amended by striking out the first paragraph, as most recently amended by section 26 of chapter 19 of the acts of 1993, and inserting in place thereof the following paragraph:-

To provide for the acquisition, holding, protection, maintenance or use of lands as provided by this act, to provide for making loans, loan guarantees and grants provided by this act, to provide for personnel and administrative costs of the bank, to provide for costs related to the Devens project, so-called, created by chapter 498 of the acts of 1993 and to refinance notes issued as provided in this act, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount not to exceed, in the aggregate, the sum of $170,000,000; provided, however, that $120,000,000 thereof shall be expended exclusively for costs related to said Devens project; and provided further, that not more than $15,000,000 may be expended for renovations to existing facilities within the Devens reserve force training area and at Westover Air Force Base for the use of marine and naval reserve units formerly assigned to South Weymouth naval air station.

SECTION 2. The first sentence of the first paragraph of section 8B of said chapter 212, as amended by section 6 of chapter 493 of the acts of 1993, is hereby further amended by adding the following words:- ; provided, however, that notwithstanding the foregoing, such agreement shall also provide that the commonwealth shall provide contract assistance necessary to defray debt service costs associated with up to $80,000,000 in principal amount of debt obligations of the bank issued pursuant to section 8F for the purposes of the Devens project, so-called, created by chapter 498 of the acts of 1993.

Approved June 20, 1997.