Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately permit cities and towns to invest the proceeds of certain bonds or notes, 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 21A of chapter 44 of the General Laws, as appearing in the 1984 Official Edition, is hereby amended by striking out the last sentence and inserting in place thereof the following sentence:- The funds so held may be invested pursuant to section fifty-five and the income derived from such investment may be expended by the treasurer to pay the principal, redemption premium, if any, and interest on the bonds or notes refunded until they are paid or redeemed; provided, however, that notwithstanding any limitations on the maturity of investments under section fifty-five, any such investment may have a maturity not later than the date fixed for the payment or redemption of the bonds or notes refunded.