Chap. 543 An Act providing for the funding of overlay deficits and other items by the city of revere.

Be it enacted, etc., as follows:

Section 1. The city of Revere, for the purposes specified in section two, may incur indebtedness to an amount not exceeding three hundred and ninety thousand dollars, and may issue bonds or notes therefor which shall bear on their face the words, City of Revere Funding Loan, Act of 1955. Said loan shall be paid in not more than five years from the date of issue. Indebtedness incurred under this section shall be outside the limit of indebtedness established in section ten of chapter forty-four of the General Laws but, except as herein provided, shall be subject to the provisions of said chapter forty-four, exclusive of the limitation contained in the first paragraph of section seven thereof; provided, however, that a sum of not less than ten thousand nine hundred and fifty-nine dollars and seventy-one cents shall be raised by taxation in the current year.

Section 2. Amounts borrowed under authority of section one, in addition to the amount therein required to be raised by taxation, shall be used for meeting deficits aggregating four hundred thousand nine hundred and fifty-nine dollars and seventy-one cents, consisting of overlay deficits on account of abatements granted on levies during the years nineteen hundred and forty-seven to nineteen hundred and fifty-four, both inclusive, of ninety-one thousand four hundred and sixty-three dollars and fifty-four cents; a revenue deficit for the year nineteen hundred and fifty-four of three hundred and nine thousand four hundred and ninety-six dollars and seventeen cents.

Section 3. Notwithstanding the provisions of any general law to the contrary, the action of the city of Revere in exceeding appropriations during the year nineteen hundred and fifty-four, aggregating two hundred and thirty-seven thousand five hundred and thirteen dollars and eighty-two

cents, is hereby validated and confirmed as though such overdrafts were incurred in accordance with law, and the assessors of the city of Revere are hereby authorized and directed to include said amount of overdrafts in the aggregate required to be raised by taxation in the current year. Section 4. This act shall take effect upon its passage.

Approved July 14, 1955.