AN ACT RELATIVE TO THE FINANCING OF A CONTRACT TERMINATION CHARGE INCURRED BY THE TOWN OF NORWOOD.
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. Notwithstanding chapter 44 of the General Laws, the town of Norwood may borrow, at 1 time or from time to time, such sums of money as may be necessary, not to exceed an aggregate amount of $80,000,000, for the purpose of paying costs incurred by the town’s electric light department pursuant to the contract termination charge issued by National Grid USA Service Company, Inc. and approved by the Federal Energy Regulatory Commission. The costs shall include, without limitation, the costs of any court judgment or settlement amount, including interest charges, and any legal or other costs directly related or incidental thereto, regardless of whether incurred before or after the effective date of this act. Each authorized issue shall constitute a separate loan, each such loan shall be payable within 15 years from its date and 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, however, except as provided herein, it shall otherwise be subject to said chapter 44. Notwithstanding section 19 of said chapter 44, or any other general or special law to the contrary, the maturities of indebtedness incurred under this act may be arranged so that, for each issue, the amounts payable in the several years for principal and interest combined shall be, in the opinion of the officers authorized to issue said bonds, as nearly equal as practicable or, in the alternative, in accordance with a schedule providing a more rapid amortization of principal.
SECTION 2. The votes of the town passed under articles 1 and 2 of the warrant for the annual town meeting, held on May 14, 2007, providing, among other things, for the authorization of $80,000,000 in bonds for the payment of the costs described in section 1, are hereby ratified and confirmed in all respects.
SECTION 3. This act shall take effect upon its passage.
Approved November 15, 2007.