Bill > S1450

This bill provides the city of Quincy with expanded legal authority to issue revenue bonds specifically for designing, constructing, and reconstructing telecommunications facilities. The bill allows Quincy to borrow money through revenue bonds with approval from a two-thirds vote, and these bonds will be limited obligations paid from telecommunications service charges. The bonds can cover a wide range of project costs, including establishing or expanding a municipal telecommunications system, making repairs, paying for planning and advisory services, and funding administrative expenses. Notably, these bonds will not be subject to standard municipal debt limitations. The bill provides detailed provisions about how these bonds can be structured, including their maturity (up to 30 years), interest rates, and redemption terms, and allows the city significant flexibility in selling the bonds. Additionally, the bill includes provisions for securing the bonds through trust agreements, pledging revenue streams, and even allows for additional security through insurance or credit facilities. The legislation also includes a unique section allowing property owners to enter into agreements with the city for telecommunications service access, with specific rules about assessments and liens. The bill takes effect immediately upon passage, providing Quincy with new financial tools for developing its telecommunications infrastructure.

Government Affairs

https://malegislature.gov/Bills/194/S1450