Section 2: Application to qualify bonds; investigation; costs
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/ma/part-i/title-vii/chapter-44a/2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2. Whenever a city, town or regional school district votes, in accordance with law, to incur debt and to issue bonds for any purpose or purposes for which it is authorized by law to borrow, the treasurer of the city, town or regional school district, with the approval of the city council and city manager, if any, or otherwise the mayor in a city, the board of selectmen in a town, or the regional district school committee, as the case may be, may file an application and certified copy of the vote as passed with the board to qualify the bonds pursuant to the provisions of this chapter.
Upon receipt of the application, the board shall cause an investigation to be made, taking into consideration the need for the improvements to be financed from the proceeds of the proposed qualified bonds, the ability of the city, town or regional school district and all other entities which include all or any part of its territory to provide other essential public improvements and services and to pay when due the principal and interest on its debts, the reasonableness of the amounts to be expended for each of the purposes or improvements to be financed, the amount of state local aid payments likely to be made to the city, town or regional school district with the payments to be made on the proposed bonds, and such other factors as the board may deem necessary or advisable.
The cost of the investigation shall be assessed against the city, town or regional school district and may be paid from the proceeds of the qualified bonds or of any temporary notes in anticipation of the sale of the bonds. The costs assessed shall in no case be less than two hundred and fifty dollars.