SECTION 70.
Said chapter 44A, as so appearing, is hereby amended by striking section 4 and inserting in place thereof the following section:- Section 4. Within 60 days after the submission to him of an application under section 2, the secretary shall in writing, authorize the issuance of qualified bonds if he is satisfied that the issuance of qualified bonds is appropriate. If the secretary is not satisfied, he shall specify his reasons in writing for the disapproval of the request. Failure to approve the request within this 60-day period shall constitute a denial of the application.
