AN ACT AUTHORIZING THE TOWN OF RUSSELL TO BORROW MONEY FOR THE UPGRADE AND EXTENSION OF THE TOWN’S COMMUNITY CABLE TELEVISION SYSTEM.
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 Russell may borrow from time to time such sums of money as may be necessary, not to exceed an aggregate amount of $900,000, for the purpose of extending the town’s community cable television system and upgrading the system to a hybrid-fiber-coaxial cable system, including the installation of standby power supplies, the relocation of the headend to the Russell town hall, the installation of broadband high speed internet equipment, and all other costs of construction and equipment related to this extension and upgrade, and may issue bonds or notes for these amounts. Each authorized issue shall constitute a separate loan, and each loan shall be payable within 20 years after its date. Notwithstanding any provisions of chapter 44 of the General Laws to the contrary, the maturities of any bonds issued by the town of Russell under this act either shall be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the board of selectmen and treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. 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 otherwise provided in this act, shall be subject to the rest of that chapter. Notwithstanding any general or special law to the contrary, the establishment and operation of the town’s enterprise fund for the community cable television system under section 53F1/2 of said chapter 44 is hereby ratified, validated and confirmed.
SECTION 2. The vote of the town, at the special town meeting held on September 13, 2005, authorizing borrowing for the extension and upgrade of the town’s community cable television system is hereby ratified, validated and confirmed.
SECTION 3. This act shall take effect upon its passage.