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 chapter forty-four of the General Laws to the contrary, the following provisions of this act shall apply to any bonds or notes issued by the city of Springfield for a project for which the department of education has then acknowledged receipt of a completed application for a school construction grant under chapter six hundred and forty-five of the acts of nineteen hundred and forty-eight. Costs to be financed by the issuance of bonds or notes for such a project may include interest incurred on any bond anticipation notes issued for the project and any other interest incurred on bonds or notes issued for the project during the period ending not later than the year in which the first annual construction grant payment for the project is expected, as determined by the department of education or otherwise by the city treasurer. The first payment of principal of each issue of bonds may be made in the first reimbursement year, or otherwise in accordance with said chapter forty-four of the General Laws, and the last payment of principal shall be not later than twenty years after the first principal payment date. Except as otherwise provided in this act, indebtedness incurred by the city for school projects shall be subject to all other applicable provisions of said chapter forty-four of the General Laws and said chapter six hundred and forty-five of the acts of nineteen hundred and forty-eight.

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