AN ACT AUTHORIZING THE NORFOLK COUNTY COMMISSIONERS TO BORROW MONEY FOR THE REPAIR, RENOVATION AND CONSTRUCTION, EQUIPPING AND FURNISHING OF BUILDINGS AT NORFOLK COUNTY AGRICULTURAL SCHOOL IN THE TOWN OF WALPOLE.
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 Norfolk county commissioners may raise and expend a sum not exceeding $28,552,385 for the preparation of plans and specifications for the repair, renovation, construction, equipping and furnishing of the facilities of the Norfolk county agricultural school located at 400 Main street in the town of Walpole as associated with the project scope and budget agreement approved by the Massachusetts School Building Authority on September 29, 2010. Said sum shall be expended under the direction of the Norfolk county agricultural school building committee. The Massachusetts School Building Authority's grant program is a non-entitlement, discretionary program based on need, as determined by the Massachusetts School Building Authority, and any cost the Norfolk county agricultural school incurs in excess of any grant approved by and received from the Massachusetts School Building Authority shall be the sole responsibility of the Norfolk county agricultural school. The amount of this authorization shall be reduced by any grant amount set forth and received in the project scope and budget agreement.
SECTION 2. For the purposes authorized in section 1, the Norfolk county treasurer, with the approval of the Norfolk county commissioners and the Norfolk county advisory board, may borrow upon the credit of Norfolk county such sums as may be necessary, not exceeding, in the aggregate, $28,552,385 and may issue bonds or notes of the county thereafter, which shall bear on their face the words “Norfolk County Agricultural School Loan, Act of 2011”. Each authorized issue shall constitute a separate loan and each such loan shall be payable not more than 30 years from the date of issuance. The bonds or notes shall be signed by the Norfolk county treasurer and countersigned by a majority of the Norfolk county commissioners. The county may sell such securities at public or private sale, upon such terms and conditions as the county commissioners may deem proper, but not for less than par value. Notwithstanding any general or special law to the contrary, the maturities of each issue of bonds issued pursuant to this act shall be arranged so that, for each issue, the amount payable in the several years for principal and interest combined shall be as nearly equal as practicable in the opinion of the officers authorized to issue bonds or, in the alternative, in accordance with a schedule providing for more rapid payment of principal. Indebtedness incurred hereunder shall, except as herein provided, be subject to chapter 35 of the General Laws.
SECTION 3. This act shall take effect upon its passage.