AN ACT AUTHORIZING THE TOWN OF MAYNARD TO BORROW MONEY FOR CERTAIN REMEDIATION WORK.
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 Maynard may borrow, from time to time, such sums of money as may be necessary for the payment of the costs of remediation work required by the department of environmental protection at the town department of public works site at 38 Winter street to address the release of petroleum to soil and groundwater discovered during the replacement of 5,000 gallon underground storage tanks at such site, including engineering services relating thereto, and 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 for a period not to exceed 20 years from the date of issuance. 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 provided herein, shall be subject to the provisions of that chapter.
SECTION 2. The vote of the town passed under article of the warrant for the town meeting held on October 29, 2007, authorizing a borrowing for the petroleum contamination remediation project described in section 1 is hereby ratified and confirmed.
SECTION 3. This act shall take effect upon its passage.