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  • Acts
  • 2002
  • Chapter 159 AN ACT RELATIVE TO THE ISSUANCE OF CERTAIN BONDS BY THE CITY OF QUINCY.

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 general court finds that: (a) the restructuring of Quincy Hospital under chapter 94 of the acts of 1999 was necessary to ensure the delivery of quality health care to the citizens it serves; (b) the restructuring was necessary to ensure the continued provision of specialized clinical services to patients, particularly to the extent not available through other area services, of comprehensive health care to the communities served by Quincy Hospital, and of care and indigent patients; and (c) the restructuring has served the highest public interests of the citizens of the city and the commonwealth and was essential to the public health and welfare.

SECTION 2. Notwithstanding any general or special law to the contrary, the city of Quincy may issue from time to time bonds or notes in an amount not in excess of $15 million in the aggregate, for the purpose of making payments to or on behalf of the Quincy Medical Center, Inc., under paragraph (e) of section 1 of that document known as the Affiliation Agreement dated October 15, 1999 by and among the city of Quincy, the Boston Medical Center Corporation, the Quincy Hospital, and the Quincy Medical Center, Inc., which agreement was entered into pursuant to chapter 94 of the acts of 1999, and which payments are hereby declared to be made in consideration of (a) assumption by Quincy Medical Center, Inc. of certain liabilities of Quincy Hospital and (b) the promotion by Quincy Medical Center, Inc. of health care for residents of the city of Quincy, including particularly the delivery of health care services to individuals unable to pay for such services and the conduct of health education, screening, immunization and other preventative medicine programs in the city. Each authorized issue shall constitute a separate loan and each such loan shall be payable within 10 years from its date. Any bonds issued by the city under this act shall have their maturities arranged so that the annual combined payments of principal and interest payable in each year shall be as nearly equal as practicable in the opinion of the mayor and the city treasurer or in accordance with a schedule providing for a more rapid amortization of principal. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the city under section 10 of chapter 44 of the General Laws but, except as provided in this act, shall otherwise be subject to that chapter.

SECTION 3. This act shall take effect upon its passage.

Approved July 10, 2002.