SECTION 1. There shall be within the city of Taunton, the Taunton Industrial Improvement District, a body politic and corporate, hereinafter referred to as the "district", consisting of 3 parcels of land bounded and described as follows:
BEGINNING AT A POINT IN THE WESTERLY SIDELINE OF BAY STREET AND BEING THE NORTHEAST CORNER OF THE HEREIN DESCRIBED PARCEL; THENCE
S 06° 04'02" W ONE HUNDRED EIGHTY-FOUR AND 58/100 (184.58) FEET TO A POINT; THENCE
S 25°17'34" W TWO HUNDRED SEVENTY-NINE AND 22/100 (279.22) FEET TO A POINT; THENCE
SOUTHEASTERLY TWO HUNDRED SEVENTY-ONE AND 10/100 (271.10) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF FOUR HUNDRED FIFTY-THREE AND 00/100 (453.00) FEET TO A POINT; THENCE
S 08°59'46" E THREE HUNDRED FIFTY-SEVEN AND 42/100 (357.42) FEET TO A POINT; THENCE
SOUTHERLY TWO HUNDRED SIXTY-ONE AND 81/100 (261.81) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF THREE HUNDRED TWELVE AND 00/100 (312.00) FEET TO A POINT; THENCE
S 39°04'56" W FOUR HUNDRED NINETY-ONE AND 27/100 (491.27) FEET TO A POINT; THENCE
SOUTHEASTERLY FIVE HUNDRED SIXTY-EIGHT AND 66/100 (568.66) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF SIX HUNDRED TEN AND 00/100 (610.00) FEET TO A POINT; THENCE
S 14°20'41" E FOUR HUNDRED THIRTY-THREE AND 00/100 (433.00) FEET TO A POINT, THE LAST EIGHT (8) COURSES BEING BY THE WESTERLY SIDELINE OF BAY STREET; THENCE
S 62°46'11" W SIXTY-SEVEN AND 90/100 (67.90) FEET TO A POINT; THENCE
S 50°12'55" W NINETY-NINE AND 96/100 (99.96) FEET TO A POINT; THENCE
S 36°04'31" W ONE HUNDRED AND 87/100 (100.87) FEET TO A POINT; THENCE
S 30<33'27" E FORTY-THREE AND 58/100 (43.58) FEET TO A POINT; THENCE
S 28°45'23" E THIRTY-FOUR AND 99/100 (34.99) FEET TO A POINT; THENCE
S 15°57'05" E NINETY-TWO AND 87/100 (92.87) FEET TO A POINT, THE LAST SIX (6) COURSES BEING BY LAND NOW OR FORMERLY RICHARD CHAMBERLAIN; THENCE
S 70°13'09" W SIXTEEN AND 94/100 (16.94) FEET TO A POINT, BY LAND NOW OR FORMERLY ARTHUR W. AND BEVERLY J. THIBAULT; THENCE
S 19°32'53" E SEVEN HUNDRED TWENTY-THREE AND 29/100 (723.29) FEET TO A POINT, THE LAST COURSE BEING BY LAND NOW OR FORMERLY ARTHUR W. AND BEVERLY J. THIBAULT, BY LAND NOW OR FORMERLY ROSEMARY SOUZA AND PAUL FRENNETTE, BY LAND NOW OR FORMERLY JEFFREY P. AND TRACY A. WATTS, BY LAND NOW OR FORMERLY BETTE J. RIEBESEHL, BY LAND NOW OR FORMERLY JUNE B. CARROLL, TRUSTEE AND BY LAND NOW OR FORMERLY DONALD E. DEMELLO; THENCE
S 88°34'10" W ONE HUNDRED NINETY-SEVEN AND 86/100 (197.86) FEET BY LAND NOW OR FORMERLY TIMOTHY J. AND MICHELLE M. LEAHY AND BY LAND NOW OR FORMERLY DANIEL J. AND AGNES E. MCMILLEN TO A POINT; THENCE
S 84°25'24" W TWO HUNDRED TWENTY-EIGHT AND 19/100 (228.19) FEET TO A POINT; THENCE
S 20°11'23" E SIXTY-TWO AND 26/100 (62.26) FEET TO A POINT, THE LAST TWO (2) COURSES BEING BY LAND NOW OR FORMERLY DANIEL J. AND AGNES E. MCMILLEN; THENCE
S 34°10'27" W EIGHTY-TWO AND 25/100 (82.25) FEET BY LAND NOW OR FORMERLY ROLAND A. AND THERESA M. R. LAGACE TO A POINT; THENCE
S 33°52'03" W FIVE HUNDRED TWENTY-EIGHT AND 02/100 (528.02) FEET BY LAND NOW OR FORMERLY ALFRED R. AND BEATRICE M. LAGACE TO A POINT; THENCE
N 72°12'10" W THREE HUNDRED TWENTY-NINE AND 98/100 (329.98) FEET TO A POINT; THENCE
N 69°38'03" W EIGHTY-THREE AND 25/100 (83.25) FEET TO A POINT, THE LAST TWO (2) COURSES BEING BY THE NORTHEASTERLY SIDELINE OF BASSET STREET; THENCE
S 77°25'33" W EIGHT HUNDRED TWO AND 95/100 (802.95) FEET TO A POINT; THENCE
S 07°59'28" E NINE AND 57/100 (9.57) FEET TO A POINT; THENCE
S 58°55'40" W SIX HUNDRED FIFTY AND 60/100 (650.60) FEET TO A POINT, A PORTION OF THE LAST COURSE BEING BY THE NORTHERLY END OF FREMONT STREET; THENCE
S 09°03'49" W ONE HUNDRED TWENTY-EIGHT AND 19/100 (128.19) FEET TO A POINT; THENCE
S 02°22'51" W ONE HUNDRED EIGHTY-NINE AND 98/100 (189.98) FEET TO A POINT, THE LAST TWO (2) COURSES BEING BY THE WESTERLY SIDELINE OF FREMONT STREET; THENCE
N 87°37'09" W SIX HUNDRED SIXTY-SIX AND 44/100 (666.44) FEET TO A POINT; THENCE
S 03°44'18" E ONE THOUSAND TWENTY-FIVE AND 66/100 (1025.66) FEET TO A POINT, THE LAST TWO (2) COURSES BEING BY REMAINING LAND NOW OR FORMERLY COMMONWEALTH OF MASSACHUSETTS; THENCE
N 28°32'58" W ONE THOUSAND THREE HUNDRED FIFTEEN AND 00/100 (1315.00) FEET TO A POINT; THENCE
S 74°24'00" W THREE HUNDRED AND 00/100 (300.00) FEET TO A POINT; THENCE
N 28°38'00" W TWO HUNDRED AND 00/100 (200.00) FEET TO A POINT; THENCE
N 31°09'18" E TWO THOUSAND SEVEN HUNDRED FORTY-ONE AND 01/100 (2741.01) FEET TO A POINT; THENCE
N 00°00'00" W ONE THOUSAND FOUR HUNDRED AND 00/100 (1400.00) FEET TO A POINT; THENCE
N 24°03'45" W TWO HUNDRED FORTY-TWO AND 78/100 (242.78) FEET TO A POINT IN THE EASTERLY SIDELINE OF CONSTITUTION DRIVE, THE LAST FIVE COURSE BEING BY THE MYLES STANDISH INDUSTRIAL PARK; THENCE
NORTHWESTERLY FOUR HUNDRED EIGHTEEN AND 63/100 (418.63) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF FOUR HUNDRED FIFTY-FIVE AND 00/100 (455.00) FEET TO A POINT; THENCE
N 47°31'35" W FIFTY-ONE AND 23/100 (51.23) FEET TO A POINT, THE LAST TWO (2) COURSES BEING BY THE EASTERLY SIDELINE OF CONSTITUTION DRIVE; THENCE
N 24°03'45' W ONE HUNDRED FORTY-TWO AND 49/100 (142.49) FEET TO A POINT; THENCE
N 28°09'53" E SEVENTY-NINE AND 53/100 (79.53) FEET TO A POINT; THENCE
N 45°06'06" W THREE HUNDRED AND 00/100 (300.00) FEET TO A POINT, THE LAST THREE (3) COURSES BEING BY LAND NOW OR FORMERLY TAUNTON DEVELOPMENT CORP.; THENCE
N 28°14'16" E THREE HUNDRED AND 00/100 (300.00) FEET TO A POINT THENCE;
NORTHWESTERLY FOUR HUNDRED THIRTY-FOUR AND 83/100 (434.83) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF ONE THOUSAND ONE HUNDRED SIXTY-ONE AND 18/100 (1161.18) FEET TO A POINT; THENCE
NORTHWESTERLY ONE HUNDRED SIXTY-FIVE AND 71/100 (165.71) BY A CURVE TO THE RIGHT HAVING A RADIUS OF FOUR HUNDRED TWENTY AND 00/100 (420.00) FEET TO A POINT; THENCE
NORTHWESTERLY TWO HUNDRED TWENTY-THREE AND 12/100 (223.12) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF ONE THOUSAND NINE HUNDRED FORTY-FIVE AND 47/100 (1945.47) FEET TO A POINT; THENCE
N 53°50'08" W TWO HUNDRED THIRTY-SEVEN AND 21/100 (237.21) FEET TO A POINT; THENCE
NORTHWESTERLY NINETY-NINE AND 72/100 (99.72) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF FIVE HUNDRED FORTY-TWO AND 16/100 (542.16) FEET TO A POINT; THENCE
N 43°17'50" W SIX HUNDRED THREE AND 73/100 (603.73) FEET TO A POINT; THENCE NORTHWESTERLY NINETY-NINE AND 81/100 (99.81) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF SIX HUNDRED SIXTY-TWO AND 21/100 (662.21) FEET TO A POINT; THENCE
N 34°39'41" W TWO HUNDRED SIXTY-TWO AND 10/100 (262.10) FEET TO A POINT; THENCE
NORTHEASTERLY ONE HUNDRED TWO AND 46/100 (102.46) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF FIFTY-SEVEN AND 81/100 (57.81) FEET TO A POINT; THENCE
N 66°53'12" E FOUR HUNDRED THIRTY AND 90/100 (430.90) FEET TO A POINT; THENCE
NORTHEASTERLY THREE HUNDRED FIFTY-SEVEN AND 48/100 (357.48) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF EIGHT HUNDRED THIRTY-FOUR AND 08/100 (834.08) FEET TO A POINT; THENCE
N 42°19'48" E THREE HUNDRED EIGHT AND 29/100 (308.29) FEET TO A POINT; THENCE
NORTHEASTERLY SIXTY-SEVEN AND 58/100 (67.58) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF ONE HUNDRED NINETY-ONE AND 38/100 (191.38) FEET TO A POINT; THENCE
N 62°33'47" E FIVE HUNDRED SEVENTY-EIGHT AND 18/100 (578.18) FEET TO A POINT; THENCE
NORTHEASTERLY TWO HUNDRED AND 60/100 (200.60) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF SIX HUNDRED SIXTY-FIVE AND 60/100 (665.60) FEET TO A POINT; THENCE
EASTERLY TWO HUNDRED SIXTY AND 67/100 (260.67) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF TWO HUNDRED FIFTY AND 00/100 (250.00) FEET TO A POINT; THENCE
SOUTHEASTERLY ONE HUNDRED NINETY AND 48/100 (190.48) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF ONE THOUSAND FORTY-TWO AND 66/100 (1042.66) FEET TO A POINT; THENCE
SOUTHEASTERLY TWO HUNDRED NINETY-TWO AND 95/100 (292.95) FEET BY A CURVE TO THE RIGHT HAVING A RADIUS OF FIVE HUNDRED FORTY-FOUR AND 38/100 (544.38) FEET TO A POINT; THENCE
SOUTHEASTERLY ONE HUNDRED THIRTY-THREE AND 68/100 (133.68) FEET BY A CURVE TO THE LEFT HAVING A RADIUS OF TWO HUNDRED FIFTY-FOUR AND 29/100 (254.29) FEET TO A POINT, THE LAST TWENTY (20) COURSES BEING BY THE MYLES STANDISH INDUSTRIAL PARK; THENCE
S 14°25'18" W FOUR HUNDRED NINE AND 78/100 (409.78) FEET TO A POINT; THENCE
S 01°26'56" W ONE HUNDRED SIXTY-EIGHT AND 86/100 (168.86) FEET TO A POINT; THENCE
S 87°57'00" E THREE HUNDRED THIRTY-THREE AND 22/100 (333.22) FEET TO A POINT; THENCE
S 51°11'15" E THREE HUNDRED FIFTY-NINE AND 78/100 (359.78) FEET TO A POINT; THENCE
S 81°39'59" E ONE HUNDRED FORTY-EIGHT AND 55/100 (148.55) FEET TO A POINT; THENCE
S 49° 06'22" E TWO THOUSAND SEVEN HUNDRED NINE AND 82/100 (2709.82) FEET TO THE POINT OF BEGINNING.
BEGINNING at a Massachusetts Highway Bound (MHB) on the Westerly sideline of Stevens Street approximately 560 feet south of the intersection with Middleboro Avenue;
THENCE South 59 degrees 54 minutes 40 seconds West 16.08 feet;
THENCE South 04 degrees 25 minutes 09 seconds East 11.29 feet;
THENCE South 59 degrees 53 minutes 38 seconds West by land of the Commonwealth of Massachusetts 884.09 feet;
THENCE South 54 degrees 50 minutes 33 seconds West by land of the Commonwealth of Massachusetts 187.40 feet;
THENCE South 59 degrees 53 minutes 38 seconds West by land of the Commonwealth of Massachusetts 1299.46 feet;
THENCE South 59 degrees 53 minutes 38 seconds West approximately 30 feet by land of the Commonwealth of Massachusetts to the centerline of the Cotley River;
THENCE Northeasterly approximately 1569 feet along the centerline of the Cotley River;
THENCE Northwesterly approximately 96 feet to the edge of Barstow's Pond;
THENCE Northeasterly approximately 1452 feet along the edge of Barstow's Pond;
THENCE North 32 degrees 19 minutes 00 seconds East approximately 110 feet to the southerly sideline of Middleboro Avenue;
THENCE along an arc curving to the right having a radius of 1975.00 feet by the southerly sideline of Middleboro Avenue 131.00 feet;
THENCE South 43 degrees 35 minutes 38 seconds East by the southerly sideline of Middleboro Avenue 17.95 feet;
THENCE South 55 degrees 00 minutes 33 seconds East by the southerly sideline of Middleboro Avenue 93.78 feet to a MHB;
THENCE South 64 degrees 48 minutes 12 seconds East by the southerly sideline of Middleboro Avenue 35.92 feet;
THENCE South 01 degrees 02 minutes 56 seconds West 166.30 feet;
THENCE South 04 degrees 39 minutes 04 seconds East 98.65 feet;
THENCE South 76 degrees 07 minutes 35 seconds East 106.06 feet;
THENCE South 73 degrees 49 minutes 19 seconds East 241.70 feet;
THENCE South 18 degrees 49 minutes 20 seconds West 151.72 feet;
THENCE North 85 degrees 34 minutes 00 seconds East 74.85 feet;
THENCE South 09 degrees 35 minutes 20 seconds East 279.18 feet to a stone bound;
THENCE North 85 degrees 33 minutes 36 seconds East 304.45 feet to the westerly sideline of Stevens Street;
THENCE South 09 degrees 01 minutes 27 seconds East by the westerly sideline of Stevens Street 35.74 feet to the POINT OF BEGINNING.
BEGINNING at a Massachusetts Highway Bound (MHB) on the Easterly sideline of the Route 24 State Highway layout north of, and adjacent to, the Route 24/Route 140 interchange;
THENCE North 11 degrees 44 minutes 56 seconds East 862.24 feet;
THENCE North 59 degrees 53 minutes 38 seconds East 1,852.94 feet by land of the Commonwealth of Massachusetts;
THENCE Southwest 19 degrees 14 minutes 38 seconds West 356.00 feet;
THENCE South 24 degrees 42 minutes 38 seconds West 161.60 feet,
THENCE South 49 degrees 39 minutes 53 seconds East 603.86 feet;
THENCE South 12 degrees 52 minutes 44 seconds East 316.89 feet;
THENCE South 13 degrees 44 minutes 43 seconds East 223.37 feet;
THENCE South 08 degrees 06 minutes 20 seconds West 70.79 feet;
THENCE South 01 degrees 38 minutes 59 seconds East 214.50 feet;
THENCE South 23 degrees 51 minutes 01 seconds West 311.52 feet;
THENCE South 67 degrees 36 minutes 01 seconds West 486.60 feet;
THENCE South 72 degrees 20 minutes 47 seconds East 511.77 feet;
THENCE South 70 degrees 48 minutes 53 seconds East 141.08 feet to an iron rod;
THENCE South 63 degrees 11 minutes 08 seconds East 331.40 feet to the westerly sideline of Stevens Street;
THENCE South 04 degrees 48 minutes 11 seconds West by the westerly sideline of Stevens Street 174.70 feet;
THENCE North 68 degrees 39 minutes 51 seconds West 313.86 feet;
THENCE North 69 degrees 12 minutes 22 seconds West 225.17 feet;
THENCE South 47 degrees 56 minutes 00 seconds West 87.00 feet;
THENCE South 44 degrees 58 minutes 21 seconds West 155.46 feet;
THENCE North 41 degrees 25 minutes 18 seconds West 100.09 feet;
THENCE North 48 degrees 06 minutes 02 seconds West 58.02 feet;
THENCE North 35 degrees 38 minutes 08 seconds West 61.26 feet;
THENCE North 53 degrees 32 minutes 38 seconds West 86.34 feet;
THENCE North 16 degrees 01 minutes 00 seconds East 11.00 feet;
THENCE North 46 degrees 33 minutes 50 seconds West 396.00 feet;
THENCE North 70 degrees 07 minutes 42 seconds West 636.23 feet;
THENCE North 69 degrees 49 minutes 06 seconds West 246.89 feet;
THENCE North 69 degrees 49 minutes 06 seconds West approximately 30 feet to the centerline of the Cotley River;
THENCE Southerly approximately 675 feet along the centerline of the Cotley River;
THENCE South 79 degrees 40 minutes 32 seconds West approximately 30 feet;
THENCE South 79 degrees 40 minutes 32 seconds West 90.04 feet to the Route 24 State Highway layout;
THENCE North 01 degrees 00 minutes 57 seconds East by the State Highway layout 438.59 feet;
THENCE North 45 degrees 35 minutes 25 seconds West by the State Highway layout 463.25 feet to the POINT OF BEGINNING.
SECTION 2. The purpose of the district shall be in general to enhance its economic development and more specifically to serve the needs of its residents, property owners, tenants and their employees and clients and the citizens of the city of Taunton, by acquiring, laying, constructing, maintaining, improving and operating storm drainage systems, sewers, water systems, roads, bridges, culverts, tunnels, streets, sidewalks, lighting, parking, including garages, parks and recreational facilities and fiber optic and telecommunication systems and other infrastructure improvements referred to hereafter as the "improvements", whether located within the district or outside the district, if reasonably related to the improvements within the district, contracting with the city of Taunton, the commonwealth, cities, towns or other political entities and private and public utilities serving the district in connection with the improvements, and financing, refinancing, or reimbursing the cost of the design, acquisition, construction or maintenance of the improvements, and assessing and raising revenues for economic development purposes and the design, construction, acquisition, operation and maintenance of the improvements and the district, in the manner as the board of commissioners of the district may determine is in the best interest of the district.
SECTION 3. A board of commissioners, consisting of 5 members, shall exercise the powers conferred by this act. The board shall not be subject to the supervision of the city of Taunton or any board, department, commission, bureau or agency of the city of Taunton or of the commonwealth except to the extent and in the manner provided in this act. The members of the board shall be appointed by the mayor of the city of Taunton as follows: 4 members shall be designated in writing by the Taunton Development Corporation, hereinafter referred to as the "corporation", 3 of whom shall be individuals owning or representing interests owning real estate within the boundaries of the district, and 1 of whom need not have an interest in real estate within the district and 1 of whom shall be designated by the mayor. In the event that corporation shall no longer be in existence, the mayor, with the approval of the municipal council, shall appoint 4 individuals who are either owners of record of real estate within the district or representatives of entities such as corporations, partnerships, realty trusts, limited liability companies and federal, state and local government agencies and authorities, which are such owners of record.
Of the members first appointed, 2 members shall serve for a term expiring on June 30 in the year following the appointment, 2 members shall serve for a term expiring on June 30 in the second year following the appointment, and 1 member shall serve for a term expiring on June 30 in the third year following the appointment. Thereafter, successors shall be appointed for a 3 year term, or in the case of an appointment to fill a vacancy, for the unexpired term, and until their successors are appointed and qualified. Any member may be eligible for reappointment. Three members of the board shall constitute a quorum and the affirmative vote of 3 members shall be necessary to exercise any of the powers enumerated in section 4. No vacancy in the membership of the board shall impair the right of a quorum to exercise the powers of the board. Any action by the board shall take effect immediately unless otherwise provided and need not be published or posted.
The initial meeting of the board shall be not later than 30 days following the establishment of the district and the appointment of the initial board. Thereafter, the board shall schedule meetings pursuant to its by-laws. At the initial meeting and at all annual meetings, as provided in its by-laws, the board shall elect from its members a chairman who shall preside at all board meetings and who shall serve until his successor shall be elected at the meeting following the annual meeting. The board shall also elect a vice-chairman who shall be empowered to preside over board meetings in the absence of the chairman and who shall serve for like term. The board shall also elect a treasurer and a clerk from its membership and who shall serve for like terms. The duties and responsibilities of the district officers shall be as provided in the district by-laws. All meetings of the board shall be held in accordance with sections 23A to 23C, inclusive, of chapter 39 of the General Laws.
SECTION 4. The board, acting for and on behalf of the district, shall have all the rights and powers necessary or convenient to carry out and effectuate the purposes of this act, including, but without limiting the generality of the foregoing, the following rights and powers to:-
(a) To adopt by-laws for the regulation of its affairs and the conduct of its business, to promulgate rules, regulations and procedures in connection with the performance of its functions and duties, and to fix, enforce and collect penalties for the violation thereof; provided, however, that any by-laws, rules, regulations and procedures shall be consistent with the powers conferred by this act and with other applicable provisions of the General Laws, and that any by-laws with respect to the removal of members of the board shall be consistent with the laws, statutes, and ordinances applicable to the city of Taunton;
(b) to adopt an official seal and alter the same at its pleasure;
(c) to maintain an office at such place or places within the city of Taunton as it may determine;
(d) to apply for, receive, accept, administer, expend and comply with the conditions, obligations and requirements respecting any grant, gift, loan, including any grant, gift or loan from agencies of federal, state or local governments, donation or appropriation of any property or money in aid of the purposes of the district and to accept contributions of money, property, labor or other things of value;
(e) to acquire by purchase, lease, lease-purchase, sale and lease-back, gift or devise, and to obtain options for the acquisition of, any property, real or personal, tangible or intangible, or any interest therein, in the exercise of its powers and the performance of its duties, provided that the district may only acquire real estate or any interest therein pursuant to this clause, within the boundaries of the district, except that the district may acquire real estate or any interest therein outside the boundaries of the district if such acquisition is necessary or convenient in the judgment of the board for the acquisition, construction, maintenance and operation of the improvements within the district;
(f) acquire by eminent domain, under chapters 79, 79A, 80 and 80A of the General Laws, or any alternative method provided by law, any property, real or personal, tangible or intangible, or any interest therein, in the exercise of its powers and the performance of its duties, provided that the district may only acquire real estate or any interest therein pursuant to this subsection, within the boundaries of the district;
(g) sell, lease, mortgage, exchange, transfer or otherwise dispose of, or to grant options for any such purposes with respect to, any property, real or personal, tangible or intangible, or any interest therein;
(h) construct, improve, extend, equip, enlarge, rehabilitate, maintain and repair the improvements within and for the benefit of the district; to acquire existing or construct the improvements under or over any roads, public ways or parking areas, and to enter upon any private land within the district for the purposes of making surveys, borings, soundings or examinations thereof, designing and laying out the improvements and maintaining and repairing the same. Chapter 30B of the General Laws shall apply to the district, except that section 16 of said chapter 30B shall not apply. Chapter 31 of the General Laws shall not apply to any person employed or engaged by the district under this act. With respect to any construction or repair work undertaken by it pursuant to this clause, the district shall be considered a public agency for purposes of section 26 and sections 44A to 44H, inclusive, of chapter 149 of the General Laws. Said chapters 30B and 149 shall not be applicable to improvements acquired by but not constructed, improved, or repaired by the district. All applicable General Laws protecting public health, welfare and safety shall be applicable;
(i) pledge or assign any money, fees, charges, receipts, or other revenues of the district and any proceeds derived by the district;
(j) borrow money and incur indebtedness and issue bonds or notes as hereinafter provided;
(k) enter into contracts and agreements with, but not limited to, the city of Taunton, the corporation or any successor in interest thereto, property owners in the district and any public or private utility in all matters necessary, convenient or desirable for carrying out the purposes of this act including, without limiting the generality of the foregoing, the acquisition of existing improvements, including utilities or infrastructure outside the district but benefiting the district, collection of revenue, data processing, and other matters of management, administration and operation; to make other contracts of every name and nature; and to execute and deliver all instruments necessary or convenient for carrying out any of its purposes;
(l) exercise the powers and privileges of, and to be subject to the limitations upon, towns and cities provided by sections 38 to 42K, inclusive, of chapter 40 of the General Laws, chapter 80 of the General Laws and sections 1 to 29, inclusive, of chapter 83 of the General Laws, in so far as applicable and consistent with this act; but any requirement in said sections or chapters for a vote by the municipal council of the city of Taunton or the governing body of a city or town or for a vote by the voters of a city, town or district shall be satisfied by a vote or resolution duly adopted by the board in accordance herewith;
(m) sue and be sued in its own name and to plead and be impleaded; provided, however, that neither the district nor any officer or employee thereof shall be liable in tort except pursuant to chapter 258 of the General Laws; provided, further, that the district may indemnify its officers and employees to the extent provided in said chapter 258; and provided further that only the property of the district other than revenues pledged to the payment of notes or bonds shall be subject to attachment, or be levied upon by execution or otherwise;
(n) invest any funds not required for the immediate use of the district in the manner and to the extent permitted under the General Laws for the investment of such funds by the treasurer of a city or district;
(o) employ assistants, agents, employees and persons, including legal counsel, financial advisors, and other consultants and experts considered necessary or convenient in the board's judgment, and to define their duties and fix their compensation;
(p) procure insurance on behalf of itself and any of its members, officers, employees and agents, against any loss or liability that may be sustained or incurred in carrying out the purposes of this act in the amount as the district shall consider necessary and appropriate and with one or more insurers who shall be licensed to furnish the insurance in the commonwealth;
(q) adopt an annual budget and to raise, appropriate, and assess funds in amounts necessary to carry out the purposes for which the district is formed as described hereafter in section 5;
(r) do all things necessary, convenient or desirable for carrying out the purposes of this act or the powers expressly granted or necessarily implied in this act.
SECTION 5. The board may fix, revise, charge, collect and abate reasonable fees, rates, rents, betterments and assessments, and other charges for the cost of the improvements and other services and commodities furnished or supplied to the real property in the district. In providing for the payment of the cost of the improvements or for the use of the improvements, the board may avail itself of the General Laws relative to the assessment, apportionment, division, fixing, reassessment, revision, abatement and collection of infrastructure charges, including betterments and assessments, or the establishment of liens therefore and interest thereon. Notwithstanding any General Laws to the contrary, the district may pay the entire cost of any improvements, or the debt service of notes or bonds used to fund such costs, from betterments, assessments or fees and may establish said betterments, assessments or fees within 1 year from the completion or acquisition of the improvements. The board may establish a schedule for the payment of betterments or assessments of up to 25 years. The board may determine the circumstances under which the fees, rates, rents, assessments, betterments and other charges, may be increased, if at all, as a consequence of delinquency or default by the owner of that parcel or any other parcel within the district. In order to provide for the collection and enforcement of its fees, rates, rents, assessments, betterments and other charges, the board is hereby granted all the powers and privileges with respect thereto held by the city of Taunton on the effective date of this act or as otherwise provided in this act, to be exercised concurrently with the city of Taunton. Any liens imposed by the city of Taunton for the payment of property taxes shall have priority in payment over any liens of the district.
The fees, rates, rents, assessments, betterments and other charges of the board of general application shall be adopted and revised by the board at least annually in accordance with the procedures to be established by the board for assuring that interested persons are afforded notice and an opportunity to present data, views and arguments. The board shall hold at least 1 public hearing on its schedule of fees, rates, rents, assessments and other charges or any revision thereof before adoption, notice of which shall be delivered to the mayor and municipal council of the city of Taunton and be published in a newspaper of substantial circulation in the city of Taunton at least 1 month in advance of the hearing. No later than the date of the publication, the board shall make available to the public and deliver to the mayor and the municipal council of the city of Taunton the proposed schedule of fees, rates, rents, assessments and other charges.
The fees, rates, rents, assessments and other charges established by the board shall not be subject to supervision or regulation by any department, division, commission, board, bureau, or agency of the commonwealth or any of its political subdivisions, including without limitation, the city of Taunton, nor shall the district be subject to section 20A of chapter 59 of the General Laws. Notwithstanding the foregoing, except to the extent of fees, rates, rents, assessments, betterments and other charges assessed by the board, the board shall have no general power of taxation. The board's budget for current administrative expenses, exclusive of operational and capital expenses relating to improvements, approved by the board shall be limited to the sum of $55,000 for the fiscal year in which the district is established. Each fiscal year thereafter said sum may be increased by 2-1/2 per cent per annum.
The fees, rates, rents, betterments, assessments and other charges established by the board in accordance with this section shall be fixed and adjusted in respect of the aggregate thereof so as to provide revenues at least sufficient (i) to pay the current expenses of the district, (ii) to pay the principal of, premium, if any, and interest on bonds, notes or other evidences of indebtedness issued by the board under this act as the same becomes due and payable, (iii) to create and maintain such reasonable reserves as may be reasonably required by any trust agreement or resolution securing bonds, (iv) to provide funds for paying the cost of necessary repairs, replacements and renewals of the improvements and the infrastructure system or systems of the district; and (v) to pay or provide for any amounts that the board may be obligated to pay or provide for by law or contract, including any resolution or contract with or for the benefit of the holders of its bonds and notes.
SECTION 6. The board may provide by resolution, from time to time, for the issuance of bonds of the district for any of its corporate purposes. Bonds may be issued hereunder as general obligations of the district or as special obligations payable solely from particular funds. Without limiting the generality of the foregoing, the bonds may be issued to pay or refund notes issued pursuant to section 8, to pay the cost of acquiring, laying, constructing, maintaining, and reconstructing the improvements. Cost shall include the cost of: (1) construction, reconstruction, renovation and acquisition of all lands, structures, real or personal property, rights, rights-of-way, franchises, easements, and interests acquired or to be acquired by the district, the city of Taunton, the commonwealth or any other Massachusetts governmental entity; (2) all machinery and equipment including machinery and equipment needed to expand or enhance services from the city of Taunton, the commonwealth or any other Massachusetts governmental entity to the district; (3) financing charges and interest before and during construction, and for a limited time after completion of the construction, interest and reserves for principal and interest, including costs of municipal bond insurance and any other type of financial guaranty and costs of issuance; (4) extensions, enlargements, additions, and improvements; (5) architectural, engineering, financial and legal services; (6) plans, specifications, studies, surveys and estimates of costs and of revenues; (7) administrative expenses necessary or incident to the construction, acquisition, and financing of the improvements; (8) other expenses necessary or incident to the construction, acquisition, and financing of the improvements. The principal of and interest on the bonds shall be payable solely from the funds herein provided for their payment. The bonds of each issue shall be dated, shall bear interest at the rates and shall mature at the time or times not exceeding 40 years from their date or dates, as determined by the board, and may be redeemable before maturity, at the option of the board, at the price or prices and under the terms and conditions fixed by the board before the issuance of the bonds. The board shall determine the form of the bonds, and the manner of execution of the bonds, and shall fix the denomination of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within the commonwealth and other locations as designated by the board. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be an officer before the delivery of the bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until the delivery. The bonds shall be issued in registered form. The board may sell the bonds in a manner and for a price, either at public or private sale, as it may determine to be for the best interests of the district.
Before the preparation of definitive bonds, the board may, under like restrictions, issue interim receipts or temporary bonds exchangeable for definitive bonds when the bonds have been executed and are available for delivery. The board may also provide for the replacement of any bonds that shall become mutilated or shall be destroyed or lost. The board may provide by resolution for the issuance of refunding bonds of the district for the purpose of refunding any bonds then outstanding and issued under the provisions of this act, including the payment of any redemption premium thereon on any interest accrued or to accrue to the date of redemption of the bonds and, if considered advisable by the board, for the additional purpose of the acquisition, construction or reconstruction and extension or improvement of the infrastructure system or systems. The issue of the bonds, the maturities, and other details thereof, the rights of the holders thereof, and the duties of the district in respect of the same shall be governed by this act insofar as the same may be applicable.
While any bonds or notes issued by the board remain outstanding, the powers, duties or existence of the board shall not be diminished or impaired in any way that will affect adversely the interests and rights of the holders of the bonds or notes. Bonds or notes issued under this act, unless otherwise authorized by law, shall not be considered constitute a debt of the commonwealth or the city of Taunton, or a pledge of the faith and credit of the commonwealth or of the city of Taunton, but the bonds or notes shall be payable solely by the district or as special obligations payable from particular district funds. Any bonds or notes issued by the district shall contain on the face thereof a statement to the effect that neither the commonwealth nor the city of Taunton shall be obliged to pay the same or the interest thereon, and that neither the faith and credit nor taxing power of the commonwealth or of the city of Taunton is pledged to the payment of the bonds or notes. All bonds or notes issued under this act shall have and are hereby declared to have all the qualities and incidents of negotiable instruments as defined in sections 3-104 of chapter 106 of the General Laws.
Issuance by the district of 1 or more series of bonds or notes for 1 or more purposes shall not preclude it from issuing other bonds or notes in connection with the same project or any other project, but, the resolution or trust indenture wherein any subsequent bonds or notes may be issued shall recognize and protect any prior pledge made for any prior issue of bonds or notes unless in the resolution or trust indenture authorizing the prior issue the right is reserved to issue subsequent bonds on a parity with the prior issue.
SECTION 7. In the discretion of the board the bonds may be secured by a trust agreement by and between the district and a corporate trustee, which may be any trust company or bank having the powers of a trust company within the commonwealth. The trust agreement may pledge or assign the revenues. Either the resolution providing for the issuance of bonds or the trust agreement may contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including without limiting the generality of the foregoing provisions defining defaults and providing for remedies in the event thereof, which may include the acceleration of maturities, and covenants setting forth the duties of and limitations on the district in relation to the acquisition, construction, improvement, enlargement, alteration, equipping, furnishing, maintenance, operation, rehabilitation, demolition, repair, insurance and disposition of property, the custody, safeguarding, investment and application of moneys, the use of any surplus bond or note proceeds and the establishment of reserves. The resolution or trust agreement may also contain covenants by the board in relation to, among other things: (1) the establishment, revision and collection of fees, rates, assessments, rents and charges for services of facilities furnished or supplied by the district as shall provide revenues sufficient with other revenues of the district, if any, to pay (i) the cost of maintaining, repairing and operating the district utilities and infrastructure and of making renewals and replacements in connection therewith, (ii) the principal of and the interest on the bonds or notes as the same shall become due and payable, (iii) payments in lieu of taxes, betterment and special assessments, and (iv) reserves for the purposes; (2) the purpose for which the proceeds of the sale of the bonds or notes will be applied and the use and disposition thereof; (3) the use and disposition of the gross revenues of the district from the district utilities and infrastructure, any additions thereto and extensions and improvements thereof, including the creation and maintenance of funds for working capital and for renewals and replacements to the district utilities and infrastructure; (4) the amount, if any, of additional bonds or notes payable from the revenues of the district and the limitations, terms and conditions on which the additional bonds or notes may be issued; and (5) the operation, maintenance, management, accounting and auditing of the utilities and district infrastructure and of the income and revenues of the district.
It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth to act as depository of the proceeds of the bonds or of revenues, and to furnish such indemnifying bonds or to pledge securities as required by the board. The trust agreement may set forth the rights and remedies of the bondholders and of the trustees, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds and debentures. In addition to the foregoing, the trust agreement may contain other provisions, as the board considers reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of the district utilities and infrastructure. The pledge by any trust agreement or resolution shall be valid and binding from time to time when the pledge is made; the revenues or other moneys so pledged and then held or thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act; and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the board, irrespective of whether the parties have notice thereof. Neither the resolution nor any trust agreement by which a pledge is created need be filed or recorded except in the records of the board, and no filing need be made under chapter 106 of the General Laws.
SECTION 8. The board may provide by resolution for the issuance from time to time, of notes of the district in anticipation of federal, state or local grants for the cost of acquiring, constructing or improving the district utilities or infrastructure or in anticipation of bonds to be issued pursuant to section 6. The notes shall be authorized, issued and sold in the same manner as, and shall otherwise be subject to this act. The notes shall mature at the time or times as provided by the issuing resolution of the board and may be renewed from time to time; but the notes and renewals thereof shall mature on or before 20 years from their date of issuance.
SECTION 9. In addition to other security provided herein, or otherwise by law, bonds, notes or obligations issued by the district under this act, may be secured, in whole or in part, by a letter of credit, line of credit, bond insurance policy, liquidity facility or other credit facility for the purpose of providing funds for payments in respect of bonds, notes or other obligations required by the holder thereof to be redeemed or repurchased prior to maturity or for providing additional security for the bonds, notes or other obligations. In connection therewith, the district may enter into reimbursement agreements, remarketing agreements, standby bond purchase agreements and any other necessary or appropriate agreements. The board may pledge or assign any of its revenues as security for the reimbursement by the district to the issuers or providers of the letters of credit, lines of credit, bond insurance policies, liquidity facilities or other credit facilities of any payments made under the letters of credit, lines of credit, bond insurance policies, liquidity facilities or other credit facilities.
SECTION 10. In connection with or incidental to the issuance of bonds, notes or other obligations the district may enter into the contracts as the board may determine to be necessary or appropriate to place the bonds, notes or other obligations of the district, as represented by the bonds or notes, or other obligations in whole or in part, on the interest rate or cash flow basis as the board may determine, including without limitation, interest rate swap agreements, insurance agreements, forward payment conversion agreements, futures contracts, contracts providing for payments based on levels of, or changes in, interest rates or market indices, contracts to manage interest rate risk, including without limitation, interest rate floors or caps, options, puts, calls and similar arrangements. The contracts shall contain such payment, security, default, remedy and other terms and conditions as the board may consider appropriate and shall be entered into with the party as the district may select, after giving due consideration, where applicable, for the credit worthiness of the counterparty, including any rating by a nationally recognized rating agency, the impact on any rating on outstanding bonds, notes or other obligations or any other criteria the board may consider appropriate.
SECTION 11. The district shall have the power out of any funds available therefor to purchase its bonds or notes. The district may hold, pledge, cancel or resell the bonds or notes, subject to and in accordance with agreements with bondholders. The district may issue refunding bonds for the purpose of paying any of its bonds at maturity or upon acceleration or redemption. Refunding bonds may be issued at the time or times before the maturity or redemption of the refunded bonds as the board considers to be in the public interest. Refunding bonds may be issued in sufficient amounts to pay or provide for the principal of the bonds being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of such bonds, the expense of issuing the refunding bonds, the expense of redeeming bonds being refunded and the reserves for debt service or other capital or current expenses from the proceeds of the refunding bonds as may be required by a trust agreement or resolution securing the bonds. All other provision relating to the issuance of refunding bonds shall be as set forth in this act.
SECTION 12. All moneys received pursuant to this act, whether as proceeds from the issue of bonds or notes, or as revenue or otherwise, shall be considered trust funds to be held and applied solely as provided in this act.
SECTION 13. Bonds or notes issued under this act are hereby made securities in which all public officers and public bodies of the commonwealth and its political subdivisions, all insurance companies, trust companies in their commercial departments and within the limits set by the General Laws, banking corporations, investment companies, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other obligations of a similar nature may properly and legally invest funds, including capital in their control and belonging to them; and the bonds are hereby made obligations that may properly and legally be made eligible for the investment of deposits and income thereof in the manner provided by section 2 of chapter 167F of the General Laws. The bonds or notes are hereby made securities that may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the commonwealth for any purpose for which the deposit of bonds or other obligations of the commonwealth is now or may hereafter be authorized by law.
Notwithstanding any rule at common law or any authorization, limitation or any such other provision of any general or special law, or any provision in their respective charters, agreements of incorporation, articles or organization, or trust indentures, domestic corporations organized for the purpose of carrying on business within the commonwealth, including without implied limitation any electric or gas company as defined in section 1 of chapter 164 of the General Laws, railroad corporations as defined in section 1 of chapter 160 of the General Laws, financial institutions, trustees and the city of Taunton may acquire, purchase, hold, sell, assign, transfer, or otherwise dispose of any bonds, notes, securities or other evidence of indebtedness of the district and to make contributions to the district, all without the approval of any regulatory authority of the commonwealth.
SECTION 14. Any holder of bonds or notes issued under this act, and a trustee, except to the extent the rights herein given may be restricted by the trust agreement, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce all rights under the laws of the commonwealth or granted hereunder or under the trust agreement, and may enforce and compel the performance of all duties required by this act or by the trust agreement, to be performed by the district or by any officer thereof.
SECTION 15. Notwithstanding this act or any recitals in any bonds or notes issued under this act, all such bonds or notes shall be considered to be investment securities under chapter 106 of the General Laws.
SECTION 16. Bonds or notes may be issued under this act without obtaining the consent of the emergency finance board established under chapter 49 of the acts of 1933 or any department, division, commission, board, bureau or agency of the commonwealth or the city of Taunton, and without any proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required thereof by this act, and the validity of and security for any bonds or notes issued by the district shall not be affected by the existence or nonexistence of the consent or other proceeding conditions, or things.
SECTION 17. The district and all its receipts, revenues, income and real and personal property shall be exempt from taxation and from betterments and special assessments and the district shall not be required to pay any tax, excise or assessment to or from the commonwealth or any of its political subdivisions. Bonds or notes issued by the district and their transfer and their interest or income, including any profit on the sale thereof, shall at all times be exempt from taxation within the commonwealth, provided that nothing in this act shall act to limit or restrict the ability of the commonwealth or the city of Taunton to tax the individuals and companies, or their real or personal property or any person living or business operating within the boundaries of the district.
SECTION 18. The board shall at all times keep accounts of its receipts, expenditures, disbursements, assets and liabilities, which shall be open to inspection by a duly appointed officer or duly appointed agent or the commonwealth or the city of Taunton. The fiscal year of the district shall be the same fiscal year as established by the General Laws for cities and towns in the commonwealth. The district shall be subject to an audit of its accounts in the manner provided in section 40 of chapter 44 of the General Laws. Before the issuance of any bonds or notes under this act, any member or officer of the board charged with responsibility of the issuance thereof, shall each execute a surety bond in the sum of $250,000 payable to the district, or in lieu thereof the board shall obtain a blanket position bond covering any member or officer of the board charged with responsibility for the issuance of any bond or notes, such surety bonds to be conditioned upon the faithful performance of the duties of their offices, to be executed by a surety company authorized to transact business in the commonwealth as a surety and approved by the board. For the purposes of chapter 268A of the General Laws, the district shall be considered a municipal agency. The members of the board and employees of the district, together with any person who performs professional services for the district on a part-time, intermittent or consultant basis, such as those of an architect, attorney, engineer, planner, or construction, financial, or real estate expert, shall be special municipal employees.
SECTION 19. The district may make representations and agreements for the benefit of the holders of the district's bonds and notes or other obligations to provide secondary market disclosure information. The board or an officer authorized by the board may make the representations and agreements on behalf of the district or may delegate the authority to any other officer or employee of the district. The agreement may include (1) covenants to provide secondary market disclosure information; (2) arrangements for such information to be provided with the assistance of a paying agent, trustee, dissemination or other agent, and (3) remedies for breach of such agreements, which remedies may be limited to specific performance.
SECTION 20. This act shall be deemed to provide an exclusive, additional, alternative and complete method of accomplishing the purposes of this act and exercising the powers authorized hereby and shall be deemed and construed to be supplemental and additional to, and not in derogation of, powers conferred upon the board by law; provided, however, that insofar as the proceedings of this act are inconsistent with any general or specific law, administrative order or regulation, or any resolution or ordinance of the city of Taunton, this act shall be controlling. Without limiting the generality of the foregoing, no resolution or ordinance of the city of Taunton requiring ratification by the mayor and municipal council or the voters of the city of Taunton of certain bond issues shall apply to the issuance of bonds or notes of the district pursuant to this act, nor shall chapter 44 of the General Laws be applicable to the manner of voting or the limitations as to the amount and time of payment of debts incurred by the district.
Except as specifically provided in this act, all other statutes, ordinances, resolutions, rules and regulations of the commonwealth and the city of Taunton shall be applicable to the property, residents and businesses located in the district. Nothing in this act shall in any way obligate the city of Taunton to pay any costs for the acquisition, construction, equipping or operation and administration of the improvements located within the district.
SECTION 21. Upon petition in writing addressed to the board and signed by all the owners of any business or any industrially zoned, or municipally-owned real estate located in the city of Taunton requesting that the real estate, accurately described therein, be included within the limits of the district, the board, within 30 days of the receipt of the petition, shall hold a properly noticed public hearing to consider the petition. If a majority of the board, following the public hearing, votes to include the real estate within the district, the district clerk shall file a request to the mayor and municipal council of the city of Taunton to approve the inclusion of the real estate within the district. Within 10 days of the approval by the mayor and the municipal council, the district clerk shall file with the Taunton city clerk and the secretary of the commonwealth, attested copies of the petition and the votes of the board and the municipal council; and thereupon the real estate shall become and be part of the district and shall be subject to this act in the same manner and to the same extent as the real estate described in section 1.
SECTION 22. This act being necessary for the welfare of the city of Taunton and its inhabitants shall be liberally construed to affect the purposes hereof.
SECTION 23. This act shall take effect upon its passage.