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

_______________

PRESENTED BY:

Morrissey, Michael (SEN)

_______________

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.

_______________

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

_______________

In the Year Two Thousand and Nine

_______________




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.

feedback