AN ACT PROVIDING FOR CAPITAL FACILITY IMPROVEMENTS AND REPAIRS.
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. To meet the remaining expenditures necessary in carrying out section 2E of chapter 88 of the acts of 1997, section 19 of chapter 289 of the acts of 1998, sections 2A and 36 of chapter 55 of the acts of 1999, section 2A of chapter 150 of the acts of 2000, and sections 2E and 81 of chapter 236 of the acts of 2000, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in amounts to be specified by the governor from time to time but not exceeding, in the aggregate, the sum of $101,804,155. All bonds issued by the commonwealth, as aforesaid, shall be designated on their face, Capital Outlay Loan, Act of 2002, and shall be issued for such maximum terms of years, not exceeding 20 years, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution, but all such bonds shall be payable not later than June 30, 2027. All interest and payments on account of principal of such obligations shall be payable from the General Fund unless otherwise specified. Bonds and interest thereon issued under authority of this section shall be general obligations of the commonwealth.
SECTION 2. This act shall take effect upon its passage.