Chap. 0329 An Act increasing the debt limit in towns.

Whereas, There is immediate need for the enlargement • of the borrowing capacity of certain towns as provided by this act, 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 ten of chapter forty-four of the General Laws, as most recently amended by section one of chapter twenty-four of the acts of nineteen hundred and thirty-nine, is hereby further amended by striking out, in the fifth line, the word "three" and inserting in place thereof the word: - five, - so as to read as follows: - Section 10. Except as otherwise authorized by law, a city shall not authorize indebtedness to an amount exceeding two and one half per cent, and a town shall not authorize indebtedness to an amount exceeding five per cent, on the average of the assessors' valuations of the taxable property for the three preceding years, the valuations being first reduced by the amount of all abatements allowed thereon previous to December thirty-first of the preceding year; provided, that the value of motor vehicles and trailers taxable under chapter sixty A, as determined thereunder, shall be used in determining the valuation of taxable property for the purposes of this section. All debts, except those expressly authorized by law to be incurred outside the debt limit, shall be reckoned in determining its limit of indebtedness under this section. In determining the debt limit for Boston hereunder the provisions of chapter ninety-three of the acts of eighteen hundred and ninety-one and of section one of chapter one hundred and ninety-one of the acts of nineteen hundred and three shall apply.    Approved May 18, 1946.