Notwithstanding the provisions of chapters 44 and 70B of the General Laws or any other general or special law to the contrary, the maturities of bonds issued by the town of Hopkinton for design, development, construction, and equipping of the proposed new Fruit Street elementary school and early childhood center buildings and any proposed improvements, equipment and furnishings, and repair and renovation of the Elmwood elementary school either shall be arranged so that the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the town treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The first payment of principal shall not be later than the eighth year following the date of the bonds. The last payment of principal shall not be later than thirty years from the date of the bonds. Project costs to be financed by the issue of the bonds, and of any bond anticipation notes issued for the project, may include interest incurred on the bond anticipation notes and on the bonds for a period up to 1 year after the estimated completion of the school projects, as determined by the town treasurer. The stated purpose of such provisions shall be to minimize the aggregate tax impact on current residents and to allow future residents to pay a more appropriate portion of the debt service commensurate with future use. This act shall have no effect on the town of Hopkinton’s status or eligibility for funds under chapter 70B of the General Laws.

SECTION 2. This act shall take effect upon its passage.