AN ACT AUTHORIZING THE CITY OF SPRINGFIELD TO BORROW A CERTAIN SUM OF MONEY FOR CAPITAL IMPROVEMENTS TO THE LIBRARY AND MUSEUM BUILDINGS.
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 chapter 44 of the
General Laws or any other general or special law to the contrary, the city
of Springfield is hereby authorized to bond for a sum of money, not exceeding,
in the aggregate, $6,990,000, for the purpose of purchasing equipment,
remodeling, reconstructing, and making extraordinary repairs to libraries and
museums buildings owned and operated by the Springfield Library and Museums
Association, such equipment, remodeling, reconstruction and repairs being for
maintenance and support of such libraries and museums. The treasurer of said
city, with the approval of the city council and the mayor, is authorized to
borrow on behalf of said city from time to time such sums as may be necessary,
not exceeding, in the aggregate, $6,990,000, and may issue bonds or notes
therefor, which shall bear on their face the words, City of Springfield Library
and Museum Loan, Act of 1998. Each issue shall constitute a separate loan, and
such loans shall be paid within not more than 20 years from their dates.
Indebtedness incurred under this act shall not be subject to the approval of
the emergency finance board but, except as herein provided, shall be subject to
chapter 44 of the General Laws. The treasurer with the approval of the mayor
may also make temporary loans under the provisions of section 17 of said
chapter 44 in anticipation of the proceeds of the bonds or notes authorized by
This act shall take effect upon its passage.