SENATE, No. 2024

By Mr. Morrissey, a petition (accompanied by bill, Senate, No. 2024) of Michael W. Morrissey, A. Stephen Tobin, Ronald Mariano and Bruce J. Ayers (with the approval of the mayor and the city council) for legislation to authorize the city of Quincy to establish interest rates payable on deferred property taxes and water charges. Revenue {Local approval received.}

The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Five.

AN ACT TO AUTHORIZE THE CITY OF QUINCY TO ESTABLISH INTEREST RATES PAYABLE ON DEFERRED PROPERTY TAXES AND WATER CHARGES

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.

Notwithstanding any general or special law to the contrary, the Quincy City Council shall on an annual basis, by affirmative vote taken prior to or contemporaneous with the establishment of a residential tax rate, but in no event later than December 15th of each year, set the interest rate payable on taxes deferred pursuant to GL C59 5, Clause 18A and 41A, and further set the interest rate payable on water charges deferred as allowed pursuant to GL C40, Sec. 42J.

Said interest rate shall be established by a formulation which shall include, as a foundation, the prime interest rate and shall not exceed the statutorily established rate of eight (8) percent per annum, provided that the Legislature may reasonably vary the form and substance of the requested legislation within the scope of the general public objective of this petition.

Upon the death of the person(s) whose taxes have been deferred, interest shall accrue at 200% of the interest rate established in Paragraph 1 of this Act, but such rate shall not exceed the rate provided in Section 62 of Chapter 60, provided that the Legislature may reasonably vary the form and substance of the requested Legislation within the scope of the general public objective of this petition.