Chap. 0217 An Act authorizing the town of merrimac to borrow money for school purposes.

Be it enacted, etc., as follows:

Section 1. For the purpose of acquiring land for, and the constructing of, a new consolidated school building, including the original equipment and furnishing of such new building, the town of Merrimac may borrow from time to time, within a period of five years from the passage of this act, such sums as may be necessary, not exceeding, in the aggregate, one hundred and fifty thousand dollars, and may issue bonds or notes therefor, which shall bear on their face the words, Merrimac School Loan, Act of 1946. Each authorized issue shall constitute a separate loan, and such loans shall be paid in not more than twenty years from their dates, but no issue shall be authorized under the provisions of this act unless a sum equal to twenty-five cents on each one thousand dollars of the assessed valuation of the town for the year preceding the vote has been appropriated from available funds or voted to be raised by taxation for said purpose in the year in which the loan is authorized. Indebtedness

incurred under this act shall be in excess of the statutory limit, but shall, except as provided herein, be subject to chapter forty-four of the General Laws. Section 2. This act shall take effect upon its passage.

Approved April 17, 1946.