Chap. 4. AN ACT AUTHORIZING THE CITY OF LOWELL TO ISSUE CERTAIN TEMPORARY NOTES FOR A PERIOD NOT EXCEEDING TWO YEARS.
Be it enacted, etc., as follows:
SECTION 1. Notwithstanding section seventeen of chapter forty-four of the General Laws, as amended, the city treasurer, with the approval of the city manager of the city of Lowell, heretofore authorized under an order of the city council passed October twenty-eighth, nineteen hundred and sixty-nine to issue bonds in the amount of fifteen million three hundred thousand dollars pursuant to clause (15) of section eight of said chapter forty-four, as amended, may make a temporary loan for a period of not more than two years in anticipation of the money to be derived from the sale of such bonds, and may issue notes therefor; but the time within which the bonds shall become due and payable shall not be extended by reason of the making of such temporary loan. Temporary notes issued for a period of less than two years may be renewed or paid from time to time by the issue of other notes, provided that the period from the date of an original note to the maturity of any note issued to renew or pay the same debt shall not exceed two years.
SECTION 2.   This act shall take effect upon its passage.
Approved February 8, 1974.