AN ACT AUTHORIZING THE SOUTHERN WORCESTER COUNTY REGIONAL VOCATIONAL SCHOOL DISTRICT TO PROVIDE FOR CERTAIN COSTS.
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 or the
district agreement to the contrary, the Southern Worcester County Regional
Vocational School District may borrow, upon the vote of
two-thirds of all members of the district school committee, at one time or
from time to time, and as provided for in this act, such sums as the
revenue shall approve as related to funds determined to be missing from the
district in fiscal year 2000 and previous fiscal years, so as to permit
operation of the school and to prevent default on certain notes of the
but in no event an amount in the aggregate in excess of $5,000,000, and
to issue therefor bonds or notes of the district. Upon the vote of the school
district, and as approved by the director of accounts, the proceeds of such
or notes shall be used to pay notes, payrolls, employment tax withholdings and
taxes, expenses or liabilities deriving directly or indirectly from the loss of
funds disclosed during fiscal year 2000. Any amounts recovered from fidelity
bonds, employee dishonesty policies or restitution under civil or criminal
proceedings shall be applied to reduce the amounts borrowed under
Bonds or notes issued under this act shall be in such form, and
include such terms and conditions, as the director of accounts shall approve
shall be general obligation bonds or notes of the district. Bonds or notes
under authority of this act shall be eligible to be issued as qualified bonds
notes pursuant to chapter 44A of the General Laws. So far as apt, the
of chapter 44 shall apply to bonds or notes issued under authority of this
The maturity of any bond or note issued under authority of this act shall not
after June 30, 2010.
The maturities of each issue of bonds or notes authorized under this
act, including any refunding bonds or notes, may, if approved by the district
officers authorized to issue bonds or notes and the director of accounts, be
arranged so that for each issue the amounts payable in the several years for
principal and interest combined are as nearly equal as is practicable in the
opinion of the officers authorized to issue such bonds or notes, or in the
alternative, in accordance with a schedule providing for a more rapid
amortization of principal. If notes rather than bonds are issued, refunding
must provide for payment from revenue funds so that the amount of refunding
shall not exceed the unpaid principal amount which would have been outstanding
serial bonds had been issued.
In any year during which bonds or notes authorized under
this act remain outstanding, the district shall submit an audit for the
year to the director of accounts. Such audit shall be prepared by a certified
public accountant in accordance with generally accepted accounting principles
shall include accompanying financial statements. Such report and a copy of the
proposed budget must be received and accepted by said director prior to
submission of the annual school district budget to member municipalities as set
forth in section 16B of chapter 71 of the General Laws.
In any year during which bonds or notes authorized under this act
remain outstanding, this district shall not issue any bond, note or other form
indebtedness without written notification to, and the approval of the
commissioner of revenue.
Payment of principal of and interest on bonds or notes
this act shall be included in the computation of net school
as defined in section 2 of chapter 70 of the General Laws.
This act shall take effect upon its passage.