Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The town of Nahant is hereby authorized to borrow from time to time such sums of money not exceeding, in the aggregate, one hundred and forty-seven thousand dollars as may be necessary to fund payments the town is required or agrees to make under its contract with the Lynn water and sewer commission as a result of capital improvements to the wastewater treatment facility of said commission and related facilities; and may issue bonds or notes therefor. Such bonds or notes shall bear on their face, the words Town of Nahant Wastewater Treatment Facility Loan, Act of 1996. Each authorized issue shall constitute a separate loan and each such loan shall be payable within twenty years from its date. The town may also issue temporary notes in anticipation of such borrowing pursuant to section seventeen of chapter forty-four of the General Laws. Bonds and notes may be issued hereunder by the town treasurer with the approval of the board of selectmen and the proceeds thereof may be expended without further authorization or appropriation by the town.
SECTION 2. This act shall take effect upon its passage.