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 chapters 59 and 60 of the General Laws, the town of Sandwich, acting through its board of selectmen, may waive interest on fiscal year 2004 real and personal property taxes assessed to Mirant Canal, LLC in an amount not greater than 4 percentage points of the amount of the tax assessed, in return for the immediate payment of the principal amount of those taxes.

SECTION 2. Notwithstanding section 3E of chapter 60 of the General Laws, the town may credit the entire amount of this payment to the principal amount of those taxes.

SECTION 3. Notwithstanding section 23 of chapter 59 of the General Laws, the director of accounts may update the certified free cash of the town of Sandwich on account of any payments of taxes the town receives after March 31, 2005 in connection with an agreement authorized by this act.

SECTION 4. This act shall take effect upon its passage.