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Session Law

1998

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Chapter 2 AN ACT RELATIVE TO THE TERMS OF CERTAIN BONDS AND NOTES TO BE ISSUED BY THE COMMONWEALTH.

Whereas , The deferred operation of this act would tend to defeat its purpose, which is to facilitate forthwith the issuance of bonds and notes to carry out the purposes of certain acts passed by the general court, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.


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. Notwithstanding any provision of law to the contrary, the bonds which the state treasurer is authorized to issue under section 11 of chapter 152 of 1997, shall be issued for a term not to exceed 25 years; provided, however, that all such bonds shall be payable by June 30, 2032, as recommended by the governor in a message to the general court dated November 24, 1997, in pursuance of Section 3 of Article LXII of the Amendments to the Constitution.

SECTION 2. Notwithstanding any provision of law to the contrary, the notes which the state treasurer is authorized to issue under section 12 of chapter 152 of 1997, shall be issued and may be renewed one or more times for a term not to exceed 7 years; provided, however, that all such notes shall be payable by June 30, 2005, as recommended by the governor in a message to the general court dated November 24, 1997, in pursuance of Section 3 of Article LXII of the Amendments to the Constitution.

SECTION 3. Notwithstanding any provision of law to the contrary, the bonds which the state treasurer is authorized to issue under section 14 of chapter 152 of 1997, shall be issued for a term not to exceed 20 years; provided, however, that all such bonds shall be payable by June 30, 2022, as recommended by the governor in a message to the general court dated November 24, 1997, in pursuance of Section 3 of Article LXII of the Amendments to the Constitution.

SECTION 4. Notwithstanding any provision of law to the contrary, the notes which the state treasurer is authorized to issue under section 16 of chapter 152 of 1997, shall be issued and may be renewed one or more times for a term not to exceed one year; provided, however, that all such notes shall be payable by June 30, 2001, as recommended by the governor in a message to the general court dated November 24, 1997, in pursuance of Section 3 of Article LXII of the Amendments to the Constitution.

SECTION 5. Section 12 of chapter 152 of the acts of 1997 is hereby amended by inserting after the second sentence the following sentence:- All interest on account of the principal of such notes shall be payable from the Convention Center Fund established pursuant to section 10.

Approved January 7, 1998.

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