SENATE, No. 2439
By Mr. Knapik, a petition (accompanied by bill, Senate,
No. 2439) of Michael R. Knapik and Donald F. Humason (with
the approval of the Mayor and City Council) for
legislation relative to the financing by the city of
Westfield of its portion of public improvements associated
with the Westfield Pavilion Development. Municipalities & Regional Government. {Local approval received.}
Version with line numbers
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The Commonwealth of Massachusetts
In the Year Two Thousand and Seven.
AN ACT RELATIVE TO THE
FINANCING BY THE
CITY
OF
WESTFIELD
OF ITS
PORTION OF PUBLIC IMPROVEMENTS ASSOCIATED WITH THE
WESTFIELD
PAVILION
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. Any bonds issued by the City of
Westfield
on account of the Westfield Pavilion Project shall be dated and be made
redeemable before maturity with or without premium. Subject to any vote of the City of Westfield
authorizing bonds to finance costs of the Westfield Pavilion Project, the
office of the City of Westfield authorized to issue and sell such bonds or
notes shall determine: the date of the bonds, which shall mature within 30
years from their respective dates, without regard to the term of any temporary
notes that my have been issued prior to the issuance of any such bonds; their
denominations; the place of payment of the principal and interest, which may be
a bank or trust company within or without the commonwealth, their interest rate
or rates; maturity; redemption provisions, if any and the form or other details
of the bonds. Notwithstanding any
general or special law, ordinance, or charter provision to the contrary, bonds
issued hereunder may provide for annual or more frequent installments of
principal in equal, diminishing or increasing amounts with the first
installment of principal to be due at any time within 5 years after the date of
issuance of the bonds. Any bonds issued
by the City to finance costs of the Westfield Pavilion Project shall not be
subject to the limitation on municipal indebtedness contained in chapter 44,
section 10 of the General Laws. Notwithstanding the provisions of any general or special law to the
contrary, bonds and notes of the City of
Westfield
issued to finance the costs of the Westfield Pavilion Project may also be
issued to pay costs of interest incurred before and during the carrying out of
the project, and for a reasonable time thereafter. Except as provided herein, any bonds issued
by the City of
Westfield
to finance
the costs of the Westfield Pavilion Project shall be subject to the provisions
of Chapter 44 of the General Laws.
SECTION 2. In anticipation of the issuance of bonds for
the purpose of financing the costs of the Westfield Pavilion Project, the City
of
Westfield
may issue temporary
notes from time to time. Any such
temporary notes shall be payable within 2 years from their respective dates,
and may be renewed from time to time for a period not in excess of 5 years from
their original dates of issuance. Notwithstanding the provisions of Chapter 44, section 17 of the General
Laws, any temporary notes issued by the City of
Westfield
on account of the Westfield Pavilion Project shall not be required to be repaid
from revenue funds prior to the time they are permanently financed.
SECTION 3. This act shall take effect upon its passage.