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The 192nd General Court of the Commonwealth of Massachusetts


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 second paragraph of section 1 of chapter 387 of the acts of 2000 is hereby amended by striking out the last sentence and inserting in place thereof the following sentence:- Notwithstanding section 5 of chapter 44A of the General Laws or any other general or special law to the contrary, any bond or note issued under the authority of this act shall be payable not later than June 30, 2023.

SECTION 2. The third paragraph of said section 1 of said chapter 387 is hereby amended by inserting after the word "principal", in line 6, the following words:- ; provided, however, that the amount of principal to be paid in each of fiscal years 2005 through 2009 need not exceed 1/2 of the amount which otherwise would have been payable in each such fiscal year, if bonds had been issued in fiscal year 2004 with maturities arranged so that the amounts payable in the several years for principal and interest combined were as nearly equal as practicable.

SECTION 3. Said section 1 of said chapter 387 is hereby further amended by adding the following paragraph:-

Notwithstanding section 17 of chapter 44 of the General Laws, any temporary loans issued in anticipation of money to be derived from the sale of bonds or notes hereunder, and any temporary loans issued to refund a prior temporary loan, may mature at any time not later than June 30, 2023. Any such temporary loan or loans shall be paid in part from revenue funds on its maturity date in the amount, if any, hereinafter required. Each such payment from revenue funds shall be at least equal to the minimum annual payment which would have been required under this act if such temporary loan had been issued as a serial loan on the date of issue of such temporary loan or any prior temporary loan being directly or indirectly refunded by such temporary loan.

SECTION 4. The third paragraph of section 4 of said chapter 387 is hereby amended by striking out the last sentence.

SECTION 5. This act shall take effect upon its passage.

Approved November 18, 2004.