AN ACT RELATIVE TO CERTAIN BORROWING OF THE TOWNS OF GROVELAND AND MERRIMAC.
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 towns of Groveland and Merrimac may incur debt, outside the limit of indebtedness prescribed in section 10 of chapter 44 of the General Laws for the following purpose and payable within 20 years: for paying power supply contract termination costs, which are incurred by the electric lighting plants in the towns of Groveland and Merrimac as part of a plan to restructure power supply arrangements with wholesale suppliers of electricity for resale by the electric lighting plants. The outstanding indebtedness so incurred shall not exceed 5 per cent of the equalized valuation of the respective town, unless the emergency finance board established pursuant to section 47 of said chapter 10 authorizes the town of Groveland and the town of Merrimac to incur indebtedness in excess of 5 per cent but not in excess of 10 per cent of the equalized valuation of the respective town. Debts may be authorized under this act only by a two-thirds vote of the voters present and voting at a town meeting duly called.
SECTION 2. This act shall cease to be effective on December 21, 2000.