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Session Law

2013

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Chapter 22 AN ACT RELATIVE TO THE TERMS OF CERTAIN BONDS TO BE ISSUED BY THE COMMONWEALTH.

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to facilitate forthwith the issuance of certain bonds to finance improvements to the commonwealth’s transportation system, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

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 first sentence of the second paragraph of section 60A of chapter 29 of the General Laws, as appearing in section 112 of chapter 165 of the acts of 2012, is hereby amended by striking out the words “the principal amount of bonds issued at a discount shall be the original net proceeds of such” and inserting in place thereof the following words:- for purposes of this section, the principal amount of bonds issued and outstanding shall be used in the computation of outstanding.

SECTION 2. Notwithstanding any general or special law to the contrary, the bonds that the state treasurer may issue pursuant to chapter 18 of the acts of 2013 shall be issued for a term not to exceed 30 years and all such bonds shall be payable by June 30, 2048, as recommended by the governor in a message to the general court dated May 28, 2013 under section 3 of Article LXII of the Amendments to the Constitution.

SECTION 3. Section 1 shall take effect as of January 1, 2013.

Approved, June 10 , 2013.


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