AN ACT AUTHORIZING A PAYMENT IN LIEU OF TAXES AGREEMENT BETWEEN THE CITY OF SALEM AND THE NEW ENGLAND POWER COMPANY.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of any general or special
law to the contrary, the city of Salem acting by and through its mayor is
hereby authorized to enter into a binding contract with New England Power
Company concerning the assessed value of the real and personal property of said
New England Power Company in said city of Salem for the fiscal years 1997
to 2007, inclusive, and the real and personal property taxes to be paid to
said city of Salem by said New England Power Company during said fiscal years.
The agreement made between the city of Salem and New
England Power Company dated July 21, 1997 is hereby ratified, validated, and
confirmed in all respects as though this act had been in full force and effect
at the execution of said agreement.
If, in any year during which the agreement
specified in section 2 is operative, and as a result of such agreement, the
amount of taxes to be assessed to New England Power Company, together with all
other taxes assessed by the city of Salem, exceeds the levy limit of said city
of Salem for that fiscal year under the limits imposed by section 21C of
chapter 59 of the General Laws, the levy of said
city of Salem for the ensuing fiscal year shall not exceed the levy limit for
that fiscal year minus the amount the levy limit for the immediately preceding
fiscal year was so exceeded.
This act shall take effect upon its passage.