Bill Text: MA S99 | 2009-2010 | 186th General Court | Introduced
Bill Title: Provide for loans for waterfront development
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 6/16 at 1:00 PM in Hearing Room B2 [S99 Detail]
Download: Massachusetts-2009-S99-Introduced.html
The Commonwealth of Massachusetts
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PRESENTED BY:
Tarr, Bruce (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 to provide for loans for waterfront development
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PETITION OF:
|
Name: |
District/Address: |
|
Tarr, Bruce (SEN) |
First Essex and Middlesex |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S00152 OF .]
The Commonwealth of
Massachusetts
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In the Year Two Thousand and Nine
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An Act to provide for loans for waterfront development.
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 Massachusetts Development Finance Agency is hereby authorized and directed to expend an amount not to exceed ten million dollars for the purpose of establishing a revolving fund to make interest-free or low interest loans to rehabilitate existing infrastructure in waterfront areas to encourage and assist industrial and commercial development and activities.
SECTION 2. To meet expenditures necessary in carrying out the provisions of Section 1 of this Act, the State Treasurer shall, upon request of the Governor, issue and sell bonds of the Commonwealth, to an amount specified by the Governor from time to time, not exceeding in the aggregate, the sum of ten million dollars. All bonds issued by the Commonwealth shall be designated on their face, Waterfront Rehabilitation Capital Loan Act of 2009, and shall be issued for such maximum term of years not exceeding twenty years, as the Governor may recommend to the General Court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth; provided, however, that all such bonds shall be payable not later than June 30, 2029. Bonds and interest thereon issued under the authority of this Section shall, notwithstanding any other provisions of this Act, be general obligations of the Commonwealth.
