Section 10. Except as otherwise provided by law, a city or town shall not authorize indebtedness to an amount exceeding 5 per cent of the equalized valuation of the city or town. A city or town may authorize indebtedness in excess of 5 per cent but not in excess of 10 per cent, of the […]
Section 11. Cities, towns and districts may pay or provide for the payment of any debt at an earlier period than is required by this chapter or may appropriate money for the purchase and cancellation of outstanding indebtedness, and shall not refund any debt except as provided in section seventeen; and cities, towns and districts […]
Section 14. Nothing in this chapter shall exempt a city or town from its liability to pay debts contracted for purposes for which it may lawfully expend money.
Section 15. Cities, towns and districts authorized by special acts to incur debt shall not be exempt from liability to pay debts contracted for the purposes for which they may lawfully expend money under such acts, notwithstanding that the amount of the annual payment and the period of the loan may not have been specified […]
Section 16. A city, town or district which has authorized a debt to be incurred within the limitations, as to amount and time of payment, prescribed by this chapter may issue therefor bonds or notes, or, in the case of a city, certificates of indebtedness, all of which shall be properly denominated on the face […]
Section 16A. Any officer authorized to sign bonds or notes of a city, town or district may execute such bonds or notes or cause them to be executed by a facsimile signature in lieu of his manual signature, provided that at least one signature required or permitted to be placed thereon shall be manually subscribed. […]
Section 16B. The engraved or printed facsimile of a city, town or district seal on a bond, note or certificate of indebtedness of such municipality shall have the same legal effect as though such seal were impressed thereon.
Section 17. If a city, town or district votes to issue bonds, notes or certificates of indebtedness in accordance with law, the officers authorized to issue the same may, in the name of such city, town or district, make a temporary loan for a period of not more than 2 years in anticipation of the […]
Section 18. Notes issued under section four, five, five A, five B, six, six A or seventeen may be sold at such discount as the treasurer or other officer authorized to sell the same may, with the approval of the officer or officers whose counter-signature is required on said notes, deem proper, the discount to […]
Section 19. Cities, towns and districts shall not issue any notes payable on demand, but shall provide for the payment of all debts, except temporary loans incurred under sections 4, 6, 6A, 8C, and 17 or under section 3 of chapter 74 of the acts of 1945, by annual payments that will extinguish the same […]
Section 19A. If it appears to the treasurer of a city, town or district, including a regional school district, that the city, town or district is, or is likely to be, unable to pay in whole or in part the principal or interest, or both, on any of its bonds, notes or certificates of indebtedness […]
Section 2. Except as otherwise expressly permitted by law, cities, towns and districts shall incur debts only in the manner of voting and within the limitations as to amount and time of payment prescribed in this chapter; but this section shall not be construed as prohibiting any city, town or district from placing additional restrictions, […]
[ Text of section effective until December 13, 2021. For text effective December 13, 2021, see below.] Section 20. The proceeds of any sale of bonds or notes shall be used only for the purposes specified in the authorization of the loan; provided, however, that such proceeds may also be used for costs of preparing, […]
Section 20A. Cities, towns and districts that have duly authorized the issuance of serial bonds, notes or certificates of indebtedness may make expenditures for the purposes for which such serial bonds, notes or certificates of indebtedness were authorized from any available revenue funds in advance and in anticipation of such issuance. Cities, towns and districts […]
Section 21. An officer of a city, town or district authorized to issue bonds or notes may provide that the bonds or notes of any issue may be called and redeemed, in whole or in part, prior to their maturity dates, at such price and under such terms and conditions as said officer may determine. […]
Section 21A. The city council of a city, the board of selectmen of a town and the prudential committee, if any, otherwise, the commissioners of a district, may authorize and provide for the issuance of refunding bonds or notes of the city, town or district for the purpose of paying or refunding all or any […]
Section 21B. The city council of a city, and in the case of a city having a city manager and in the case of other cities, with the approval of the mayor the board of selectmen of a town, the school committee of a regional school district and the prudential committee, if any, otherwise, the […]
Section 21C. A city, town or district may by a two-thirds vote of its legislative body, if recommended by its chief executive officer, authorize any department of the city, town or district to enter into a lease purchase financing agreement to acquire equipment or improve a capital asset that may be financed by the issuance […]
Section 22. All bonds, notes and other securities issued by cities or towns shall bear such rate or rates of interest as may be fixed by the city or town treasurer, with the approval of the mayor or selectmen, notwithstanding any general or special provision of law enacted prior to April twenty-second, nineteen hundred and […]
Section 22A. Bonds or notes issued by a city may be secured in whole or in part by insurance or by letters or lines of credit or other credit facilities upon a two-thirds vote of the city council with the approval of the mayor. Any such insurance, letter or line of credit or credit facility […]
