AN ACT AUTHORIZING THE WACHUSETT REGIONAL SCHOOL DISTRICT TO BORROW MONEY FOR THE CLEANUP OF OIL CONTAMINATION AND RELATED COSTS.
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 any general or special law to the contrary, the Wachusett Regional School District may borrow, from time to time, such sums of money as may be necessary, not to exceed an aggregate amount of $2,000,000, for the purpose of paying the costs for environmental remediation and cleanup of the oil contamination of district property which resulted from the release of oil from an underground storage tank on the district’s property, including ongoing operating, assessment and remediation efforts as required by the department of environmental protection or otherwise, and may issue bonds or notes therefor. Each authorized issue shall constitute a separate loan and each such loan shall be payable within 15 years from its date of issue. Any borrowing pursuant to this act shall be authorized by a majority vote of the regional district school committee pursuant to chapter 71 of the General Laws and the Wachusett regional school district agreement. The principal of and interest on any borrowing incurred pursuant to this act shall be apportioned among the member towns pursuant to section 15.5 of said district agreement. The proceeds of any borrowing incurred pursuant to this act may be used by the district to reimburse funds of the district expended, prior to the effective date of this act and prior to any vote of the regional district school committee authorizing a borrowing pursuant to this act as herein provided, for the costs described above.
SECTION 2. This act shall take effect upon its passage.
Approved December 14, 2007