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 any general or special law to the contrary, the town of Reading may incur debt payable within 30 years for the renovation and construction of the Reading Memorial High School and any other projects subsidiary or incidental to this project. For purposes of determining the amount of any reimbursement to the town under chapter 70B of the General Laws, the debt under this act shall be deemed payable in no more than 20 years.

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