Session Laws

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 the provisions of any general or special law to the contrary, the maturities of bonds or notes issued by the city of Gardner for additions and improvements to its wastewater treatment facilities, and for related sewers and sewerage facilities financed at the same time, shall either be arranged so that for each issue the annual combined installments of principal and interest payable in each year be as nearly equal as practicable in the opinion of the city treasurer and the mayor, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. Project costs to be financed by the issue of said bonds or notes, including notes issued in anticipation of federal or state aid, may include interest on temporary borrowing incurred for a period of up to twelve months after the date of the original borrowing and may also include reimbursement to the city for sums appropriated and expended for engineering services for the design of such facilities. Any net earnings derived from investment of the proceeds of the bonds or notes described herein may be expended and shall be used only for the construction, equipping, operation or maintenance of the wastewater treatment and related facilities of said city. Except as otherwise provided in this act, indebtedness incurred by said city for the purposes herein described shall be subject to the applicable provisions of chapter forty-four of the General Laws.

SECTION 2. This act shall take effect upon its passage.