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Municipal Borrowing Technical Changes
SECTION 329.
Notwithstanding the provisions of any general or special law to the contrary, any indebtedness authorized by a city or town prior to July 31, 2003, that was subject to the debt limit prescribed by section 10 of chapter 44 of the General Laws, that was in excess of 2.5 per cent of the equalized valuation of the city or town but not in excess of 5 per cent of the equalized valuation of the city or town, and that was not approved by the emergency finance board as was required by said section 10 prior to July 31, 2003, may be issued only if such indebtedness is approved by the members of a board composed of the attorney general, the state treasurer, the state auditor and the director of accounts, or their designees.
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