Section 8: Borrowing in anticipation of revenue from member municipalities
145 words·~1 min read·
/ma/part-i/title-vii/chapter-40b/8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8. The district may authorize debt by a majority vote of the commission in anticipation of revenue to an amount not in excess of that to be received during the current fiscal year from member cities and towns. Notes issued under authority of this section shall be in the name of and upon the full faith and credit of the district, and said notes shall be signed by the treasurer of the district, and the chairman of the district planning commission shall countersign and approve them in the presence of the clerk of the district who shall certify to the fact on the face thereof.
Such notes shall be payable, and shall be paid not later than one year from their dates, and shall not be renewed or paid by the issue of new notes, except as provided in section seventeen of chapter forty-four.