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The 190th General Court of the Commonwealth of Massachusetts

AN ACT AUTHORIZING THE CITY OF SOMERVILLE TO BORROW FUNDS TO PAY CERTAIN COSTS OF THE GREEN LINE EXTENSION.

    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 city of Somerville may incur indebtedness not more than $50,000,000 to pay costs related to the extension by the Massachusetts Bay Transportation Authority green line into the city, as such costs shall be assessed upon the city by the commonwealth, acting by and through the Massachusetts Department of Transportation or any other applicable department or agency thereof. The incurring of indebtedness pursuant to this act shall otherwise be subject to chapter 44 of the General Laws, except that any such indebtedness shall not be subject to the limit on indebtedness set forth in section 10 of said chapter 44. To effectuate the contribution by the city of Somerville to the extension of the green line as provided in this act, the mayor of the city of Somerville may enter into such agreements with the commonwealth or any department or agency thereof upon such terms and conditions as the mayor shall determine to be in the best interests of the city. Any borrowing for the purposes of this act approved by the city prior to the effective date of this act is hereby ratified, validated, approved and confirmed.
    SECTION 2.  Notwithstanding any general or special law to the contrary, the first installment of principal on any bond or note issued pursuant to this act shall be made not later than 10 years following the original date of issue of the bond or note. Notwithstanding section 17 of chapter 44 of the General Laws or any other general or special law to the contrary, the city of Somerville may issue a temporary loan, including a temporary loan to refund a prior temporary loan, in anticipation of the issuance of a bond issued pursuant to this act for a period of not more than 10 years from the date of issue of an original temporary loan. No part of a temporary loan shall be paid from revenue funds during the 10-year period. Notwithstanding any general or special law to the contrary, a bond issued by the city of Somerville pursuant to this act shall be payable over a term of not more than 30 years without regard to the term of a temporary loan issued by the city of Somerville in anticipation of such a bond and shall be payable in such amount and at such time as the mayor and the city treasurer shall determine.
    SECTION 3.  This act shall take effect upon its passage.

Approved, June 14, 2017