§ 14 — Limited obligations payable from local system revenues

Massachusetts § 14

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title III: LAWS RELATING TO STATE OFFICERS
• Ch. 29C: MASSACHUSETTS CLEAN WATER TRUST

Text

Section 14. Notwithstanding any general or special law to the contrary, when authorized by a two-thirds vote as defined in section one of chapter forty-four or by such other vote as is authorized by the applicable bond act, local governmental obligations may be issued as limited obligations payable solely from local system revenues pledged to their payment in accordance with section fifteen. Unless otherwise provided in the applicable loan agreement, local governmental obligations issued in accordance with this section shall not be general obligations of the local governmental unit or a pledge of its full faith and credit and, notwithstanding any general or special law to the contrary, the amount of principal and premium, if any, of and interest on such obligations shall not be included in the computation of any limit on the indebtedness of the local governmental unit or on the total taxes assessable by the local governmental unit in any year or on any assessment, levy or other charge made by the local governmental unit on any other political subdivision or instrumentality of the commonwealth. Any local governmental obligation issued in accordance with this section shall recite on its face that it is a limited obligation payable solely from local system revenues pledged to its payment.