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, rule or regulation to the contrary, reimbursements that have been received or shall be received by the city of Medford from the School Building Assistance Program “Smart Fund” for repairs to the roof at Medford high school shall be immediately available for use by the city of Medford without restriction in fiscal years 2007 and 2008.
SECTION 2. The city of Medford shall restore any amount appropriated under this act to the reserved grant funds by fiscal year 2011 by making annual payments of equal increments in each fiscal year beginning in fiscal year 2009. The city shall notify the commissioner of revenue of the annual payments, and if payments are not equal to or in excess of the amount necessary to achieve full restoration on the annual payment schedule by fiscal year 2011, the state treasurer shall deduct from Medford’s total state school aid, as defined in section 2 of chapter 70 of the General Laws, sufficient funds to make the payments and deposit the funds in the reserved grant funds. If the city pays in excess of the required incremental payment, then the excess shall carry over and apply to the next fiscal year payment. The amount to be repaid shall not include amounts paid by the city of Medford for debt service on the repair project that would have been funded by the reserve in fiscal years 2008, 2009 and 2010 if transfers had not been made under section 1.
SECTION 3. This act shall take effect upon its passage.
Approved August 6, 2007.