AN ACT RELATIVE TO A CERTAIN REAL PROPERTY TAX EXEMPTION IN THE TOWN OF WELLESLEY.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the proviso in the last sentence
of clause (2) of the first paragraph of clause Forty-first A of section 5
chapter 59 of the General Laws, the town of
Wellesley may, by vote of its legislative body, adopt a
higher maximum qualifying gross receipts amount for the purposes
of that clause, if such maximum qualifying gross receipts amount
shall not exceed $50,000.
Notwithstanding the computation of interest at the rate
of 8 per cent per annum set forth in clause (1) of the third paragraph of
clause Forty-first A of
section 5 of chapter 59 of the General Laws, the interest rate applicable to
the town of
Wellesley for the purposes of that clause shall be the monthly 2 year
maturity treasury rate for the month of July of the applicable fiscal year
as published by the Federal Reserve.
This act shall take effect on July 1, 2003.