Bill > S1068

This bill aims to streamline municipal finance by making several changes to existing laws. It removes the phrase "into or" from a section of Chapter 40 of the General Laws, and significantly amends Chapter 44, specifically Section 21A, to allow cities, towns, and districts to more easily authorize and issue refunding bonds or notes, which are used to pay off or replace existing debt. These refunding bonds can now be approved and passed in a single city council meeting without public notice or referendum, and their initial principal payment can be delayed until the fiscal year when the original debt would have been due. Additionally, the bill modifies Section 19 of Chapter 44 to allow the final payment of any bonds issued by a municipality to be made up to the end of the fiscal year in which they would otherwise be due. Finally, it replaces Section 53E 1/2 of Chapter 44 with new provisions that allow cities and towns to establish and manage "revolving funds," which are separate accounts for specific departmental receipts that can be spent without further appropriation, subject to certain limits and reporting requirements, with exceptions for water, sewer, or hospital departments, and restrictions on using these funds for full-time employee wages and salaries unless associated fringe benefits are also covered.