AN ACT RELATIVE TO THE MASSACHUSETTS WATER RESOURCES AUTHORITY BOND CAP.
Whereas , The deferred operation of this act would tend to defeat its purpose, which is forthwith to increase the Massachusetts Water Resources Authority bond limit in order to avoid disruption of ongoing projects, therefore, it is hereby declared to be an emergency law, necessary for the immediate preservation of the public health and 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. Paragraph (a) of section 12 of chapter 372 of the acts of 1984, is hereby amended by striking out the fifth sentence, as appearing in section 1 of chapter 8 of the acts of 2000, and inserting in place thereof the following sentence:- The aggregate principal amount of all bonds issued under authority of this act shall not exceed $5,400,000,000 outstanding at any 1 time; provided, however, that bonds for the payment of redemption of which, either at or prior to maturity, refunding bonds shall have been issued shall be excluded in the computation of outstanding bonds.
SECTION 2. Section 16 of said chapter 372 is hereby amended by striking out the fourth sentence, as appearing in section 2 of said chapter 8, and inserting in place thereof the following sentence:- The aggregate principal amount of all bonds issued under the authority of this act shall not exceed $5,400,000,000 outstanding at any 1 time; provided, however, that bonds for the payment of redemption of which, either at or prior to maturity, refunding bonds shall have been issued shall be excluded in the computation of outstanding bonds.