Bill Text: MA S781 | 2009-2010 | 186th General Court | Introduced
Bill Title: For legislation relative to cities and towns borrowing outside their debt limit
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-07-30 - Discharged to the Senate Committee on Ways and Means [S781 Detail]
Download: Massachusetts-2009-S781-Introduced.html
The Commonwealth of Massachusetts
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PRESENTED BY:
Morrissey, Michael (SEN)
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To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to cities and towns borrowing outside their debt limit.
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PETITION OF:
|
Name: |
District/Address: |
|
Morrissey, Michael (SEN) |
Norfolk and Plymouth |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01175 OF 2007-2008.]
The Commonwealth of
Massachusetts
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In the Year Two Thousand and Nine
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An Act relative to cities and towns borrowing outside their debt
limit.
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. Section 8 of chapter 44 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by adding after paragraph (8A) the following new paragraph:-
(8B) For paying power supply contract termination costs, which are incurred by an electric lighting plant as part of a plan to restructure its power supply arrangements, with its wholesale supplier or suppliers of electricity for resale by the electric lighting plant, twenty years; but the outstanding indebtedness so incurred shall not exceed in a town five per cent in a city two and one half per cent of the equalized valuation of such town or city; provided, however, that the emergency finance board, established under chapter forty-nine of the acts of nineteen hundred and thirty-three, may authorize a city to incur indebtedness under this clause in excess of two and one half per cent but not in excess of five per cent of the equalized valuation of such city, and may authorize a town to incur indebtedness under this clause in excess of five per cent but not in excess of ten per cent of the equalized valuation of such town.
SECTION 2. Chapter 164 of the General Laws, so appearing, is hereby amended by adding after section 40 the following new section:-
40A. A city or town which has duly voted to acquire a municipal lighting plant may incur debt as provided for in section eight of chapter forty-four for paying power supply contract termination costs, which are incurred by an electric lighting plant as part of a plan to restructure its power supply arrangements with its wholesale supplier or suppliers of electricity for resale by the electric lighting plant.
