Chap. 513. An Act authorizing the Massachusetts bay transportation authority to refund certain bonds of the commonwealth issued for the purchase and improvement OF THE CAMBRIDGE SUBWAY AND PROVIDING FOR STATE AID ON BOND ANTICIPATION NOTES OF THE AUTHORITY.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is, in part, to provide forthwith for the payment and refunding by the Massachusetts Bay Transportation Authority of bonds of the commonwealth which came due on May the first of the current year, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted, etc., as follows:
Section 1. The property conveyed to the commonwealth under the provisions of chapter three hundred and sixty-nine of the general acts of nineteen hundred and nineteen and the property acquired or constructed by the commonwealth under chapter four hundred and eighty-three of the acts of nineteen hundred and twenty-two as amended by chapter three hundred and sixty of the acts of nineteen hundred and twenty-three and under chapter four hundred and forty-four of the acts of nineteen hundred and twenty-four, so far as said property is still owned by the commonwealth on the effective date of this act, is hereby transferred to the Massachusetts Bay Transportation Authority.
Section 2. The Authority shall not pay rent to the commonwealth after the current calendar year under said chapter three hundred and sixty-nine but shall continue to pay rent to the commonwealth equal to the interest and principal coming due on the bonds issued under said chapters four hundred and eighty-three and four hundred and forty-four until the final maturity of such bonds.
Section 3. The Authority shall also pay to the commonwealth the sum of one million eight hundred and sixty-five thousand dollars as soon as practicable. This payment shall be deemed indebtedness assumed  by  the  authority  for  which  refunding  bonds  and  bond
Acts, 1970. —