Chap. 779.     An  Act  authorizing  the   woods  hole,
VINEYARD AND NANTUCKET STEAMSHIP AUTHORITY TO ISSUE NOTES TO AN AMOUNT NOT EXCEEDING FIVE HUNDRED THOUSAND DOLLARS OUTSTANDING.
Be it enacted, etc., as follows:
Section 4 of chapter 701 of the acts of 1960 is hereby amended by adding the following clause: —
(j) To provide by resolution at one time or from time to time for the issue of interest bearing or discounted notes in an amount not to exceed five hundred thousand dollars outstanding for the purposes and in the
Acts, 1969. —Chaps. 780, 781, 782.           719
amounts that bonds may be issued. The notes shall be payable within two years from their dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes hereunder maturing within the required time from the date of the original loan being refunded. When bonds are issued for the purposes for which the notes were issued, the proceeds of the bonds shall be used to repay the notes and interest on the notes will be charged to current expense. The notes may be secured by the provisions of a resolution, as in the case of bonds. Bond anticipation notes may be issued either before or after the authorization of the bonds being anticipated.                                        Approved August 24> 1969.