AN ACT RELATIVE TO THE ISSUANCE OF CERTAIN BONDS BY THE CITY OF EVERETT.
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. Notwithstanding chapter 44 of the General Laws or any other general or special law to the contrary, the city of Everett may borrow $9,500,000 for the cost of additional work required by construction problems relating to the city's new Lafayette school, the cost of transporting students to an alternative site because of the delay in the opening of the school, the cost of utilities required with respect to the school during the period that the additional work is carried out, costs with respect to the retrofitting of school facilities to accommodate students displaced by the additional work and other costs associated with the additional work, such costs currently subject to litigation among the city and certain other entities involved in the construction of the school. The maturities of any bonds issued under this act shall be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the city treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The first payment of principal of each issue of bonds shall be not later than 1 year from the date of the bonds or 1 year from the date of final resolution of any litigation relating to the construction of the school, as determined by the mayor and city treasurer, whichever is later, and the last payment of principal shall be not later than 20 years from the date of the bonds, without regard to the term of any temporary borrowing incurred in anticipation of the bonds. The city may issue notes in anticipation of the bonds, which notes shall be payable not later than 1 year from the date of final resolution of any litigation relating to the construction of the school, as determined by the mayor and city treasurer, and which notes shall not be required to be paid in part from revenue funds of the city, notwithstanding section 17 of chapter 44 of the General Laws. Project costs to be financed by the issue of the bonds may include interest incurred on the bonds or any bond anticipation notes for a period up to 1 year after the date of final resolution of any litigation relating to the construction of the school, as determined by the mayor and city treasurer. 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 otherwise provided in this act shall be subject to applicable provisions of that chapter.
SECTION 2. The vote of the city council approved by the mayor on June 19, 2002 authorizing bonds for the costs described in section 1 of this act is hereby ratified, validated and confirmed in all respects.
SECTION 3. This act shall take effect upon its passage.