AN ACT AUTHORIZING THE TOWN OF PEMBROKE TO BORROW CERTAIN SUMS OF MONEY.
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 town of Pembroke may borrow from time to time such sums of money as may be necessary, not to exceed an aggregate amount of $600,000 for certain costs related to the withdrawal of the town from the Silver Lake Regional School District, including the expense of moving certain furniture and equipment from the district high school, the assumption by the town of HVAC lease, the town's share of the termination cost of the district's portable classroom lease, the town's share of the district's library bond and the town's share of the district's instructional equipment leases. Each authorized issue shall constitute a separate loan and each such loan shall be payable within 20 years from its date.
Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the town under section 10 of chapter 44 of the General Laws but, except as provided herein, shall otherwise be subject to said chapter 44.
SECTION 2. This act shall take effect upon its passage.