AN ACT AUTHORIZING THE TOWN OF ARLINGTON TO ISSUE CERTAIN TEMPORARY LOANS IN ANTICIPATION OF BONDS.
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 section 17 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Arlington may issue temporary loans, including temporary loans issued to refund prior temporary loans, in anticipation of the $14,000,000 bonds authorized by the vote of the town passed January 16, 2002 under article 2 of the warrant for the October 1, 2001 special town meeting for urban renewal purposes for a period of not more than 10 years from the date of issue of the original temporary loan. No part of these temporary loans shall be paid from revenue funds during the 10-year period.
SECTION 2. This act shall take effect upon its passage.