AN ACT RELATIVE TO TEMPORARY LOANS AND ASSESSMENT OF BETTERMENTS BY THE TOWN OF HINGHAM.
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 section 17 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Hingham may refund, by the issue of other notes, a temporary loan issued pursuant to the first sentence of said section 17 of said chapter 44; provided, however, that the period from the date of issue of the original loan to the date of maturity of the refunding loan shall not exceed 2 years unless the temporary loan is paid in part from revenue funds of the town of Hingham as hereinafter provided for, in which case the period from the date of issue of the original loan to the date of maturity of the refunding loan shall not exceed the maximum period during which the original notes refunded are required to be paid pursuant to law. Each payment from revenue funds shall be at least equal to the minimum annual payment which would have been required if the temporary loan had been converted to a serial loan prior to its first refunding that required a payment from revenue funds and the authorized amount of the serial loan shall be reduced by the aggregate amount of all such payments.
SECTION 2. Notwithstanding section 13 of chapter 80 of the General Laws or any other general or special law to the contrary, assessments made by the town of Hingham pursuant to said section 13 of said chapter 80 shall bear interest at a rate of 5 per cent per annum or, at the election of the town of Hingham, at a rate not to exceed 2 per cent above the rate of interest chargeable to the town of Hingham for the betterment project to which the assessments relate from the thirtieth day after the assessments have been committed to the collector.
SECTION 3. This act shall take effect upon its passage.