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 chapter 44 of the General Laws, the maturities of bonds issued by the town of Bridgewater for the planning, development and construction of improvements to and equipping of its municipal golf course, including a clubhouse and related structures, either shall be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the town treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The first payment of principal of each issue of bonds shall be not later than 1 year from the estimated date of completion of the clubhouse or other improvements to the golf course being financed with the proceeds of such bonds, as determined by the town treasurer, and the last payment of principal shall be not later than 30 years from the date of the bonds. Project costs to be financed by the issue of the bonds may include interest incurred on the bond and any bond anticipation notes for a period of up to 2 years after the date of the original borrowing or, if later 1 year after the estimated date of completion of the clubhouse or other improvements to the golf course, as determined by the town treasurer. The town may create and maintain, from bond proceeds or other sources of funds, such reserve, replacement, maintenance and improvement funds in connection with the golf course as it may deem necessary and prudent, provided, however, that the aggregate of such funds provided from bond proceeds for the clubhouse project or other improvement project shall not exceed 10 per cent of the principal amount of the bonds issued for such project. Any net earnings derived from investment of the proceeds of the bonds may be expended by the town treasurer to pay interest on the bonds but otherwise shall be used only for construction, equipping, operation or maintenance of the golf course. Except as otherwise provided in this act, indebtedness incurred by the town for the golf course project shall be subject to the applicable provisions of said chapter 44.

SECTION 2. The vote of the town passed under Article 3 of the town meeting held on April 16, 2002, authorizing bonds for planning, developing, constructing and equipping a clubhouse, is hereby ratified, validated and confirmed. Proceeds of bonds issued in accordance with section 1 may be used to refund any bond anticipation notes previously issued for the planning and other preliminary expenses relating to the clubhouse project.

SECTION 3. This act shall take effect upon its passage.