AN ACT RELATIVE TO THE FINANCING OF FINAL JUDGEMENTS BY THE CITY OF NEW BEDFORD.
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. The city of New Bedford is hereby authorized to borrow at one time or from time to time such sums of money as may be necessary, not to exceed an aggregate amount of $750,000 for the purpose of paying any final judgement entered against said city or any consent order requiring said city to indemnify other parties on the cases entitled Gonsalves v. City of New Bedford, et al. and Rodriguez v. City of New Bedford, et al including all interest, costs, fees and other expenses required to be paid by the city pursuant to such judgements or consent orders. Notwithstanding the provisions of clause 11 of section 7 of chapter 44 of the General Laws or any other general or special law to the contrary, each authorized issue shall constitute a separate loan, each such loan shall be payable within 10 years from its date and indebtedness incurred under this act shall not be included in determining the statutory limit of indebtedness of the city under section 10 of chapter 44 of the General Laws but, except as provided herein, shall otherwise be subject to the provisions of that chapter.
SECTION 2. The loan order of the city council passed on December 19, 1996, providing for the authorization of bonds for the payment of final judgements, is hereby ratified, validated and confirmed in all respects.
SECTION 3. This act shall take effect upon its passage.