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Session Law

2005

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Chapter 70 AN ACT RELATIVE TO BORROWING BY THE TOWN OF MILFORD FOR THE FUNDING OF THE GERIATRIC AUTHORITY OF MILFORD.

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. Section 10A of chapter 76 of the acts of 1982, as amended by chapter 489 of the acts of 2004, is hereby further amended by striking out the third sentence and inserting in place thereof the following sentence:- Each authorized issue shall constitute a separate loan, the loans shall be paid in not more than 40 years from their dates and the maturities of each loan shall be arranged so that the amounts payable in the several years for principal and interest combined shall be as nearly equal as practicable in the opinion of the officers authorized to issue the bonds or notes or, in the alternative, in accordance with a schedule providing a more rapid amortization of principal.

SECTION 2. This act shall take effect upon its passage.

Approved August 11, 2005.

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