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. The town of Winchester may borrow from time to time such sums of money as may be necessary for the purpose of paying the costs of flood remediation and prevention improvements with respect to rivers, streams and other bodies of water within the town including the widening, deepening and regrading of rivers, streams and drainage channels; the construction and reconstruction of surface drains and culverts; the enlargement and replacement of bridge openings; the construction and reconstruction removal of dams, walls and dikes; the installation and replacement of valves and sluice gates; the construction and reconstruction of pumping stations; and pumping station equipment, and may issue bonds or notes for such purpose. Each authorized issue shall constitute a separate loan and each such loan shall be payable within 20 years from its date. Any bonds issued by the town pursuant to this act shall have their maturities arranged so that the annual combined payments of principal and interest payable in each year shall be as nearly equal as practicable in the opinion of the selectmen and town treasurer, or in accordance with a schedule providing for a more rapid amortization of principal. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the town under section 10 of chapter 44 of the General Laws but, provided in this act, shall otherwise be subject to that chapter.

SECTION 2. In connection with any flood remediation and prevention improvements project, the town may participate in such project with the United States Army Corps of Engineers or any other federal or state agency.

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