General Laws of Massachusetts - Chapter 40D Industrial Development of Cities and Towns
- Massachusetts General Laws - Definitions - Chapter 40D, Section 1
The following words as used in this chapter shall, unless the context requires otherwise, have the following meanings:— (a) “Authority”, an industrial development financing board...
- Massachusetts General Laws - Industrial Development Financing Authority; creation; consolidated authorities; dissolution - Chapter 40D, Section 2
There is hereby created in each municipality a board to be known as the Industrial Development Financing Authority, hereinafter referred to as the authority; provided,...
- Massachusetts General Laws - Board of directors of authority; appointment; terms - Chapter 40D, Section 3
Except as provided herein relative to consolidated authorities, each industrial development financing authority shall be governed by a board of five directors. Said directors shall...
- Massachusetts General Laws - Removal of directors; interested directors - Chapter 40D, Section 4
The governing body of a municipality may make, or may receive, written charges against, and may after hearing remove, because of inefficiency, neglect of duty...
- Massachusetts General Laws - Officers; oaths; records of proceedings; quorum; trade secrets; property and business of authority - Chapter 40D, Section 5
The board of directors of an industrial development financing authority shall elect from among its directors a chairman and a vice-chairman, and may employ counsel,...
- Massachusetts General Laws - Compensation and expenses of directors - Chapter 40D, Section 6
The directors of an industrial development financing authority shall serve without compensation as such but each director shall be reimbursed for all necessary travel and...
- Massachusetts General Laws - Powers of municipalities - Chapter 40D, Section 7
(a) For the purpose of carrying out a project as authorized by this chapter, a municipality acting by or through an industrial development financing authority...
- Massachusetts General Laws - Financing documents; excess payments - Chapter 40D, Section 8
Any financing document authorized by this chapter shall: (i) be for a term not in excess of ninety-nine years; (ii) provide for payments sufficient to...
- Massachusetts General Laws - Borrowing money and issuance of bonds; trust agreements - Chapter 40D, Section 9
Any municipality acting by and through an industrial development financing authority is hereby authorized and empowered to borrow money in furtherance of the purposes of...
- Massachusetts General Laws - Requisites for issuance and status of bonds - Chapter 40D, Section 10
All bonds shall be authorized by resolution of the board of the issuing authority. The principal amount of each issue of bonds shall be sufficient...
- Massachusetts General Laws - Proceeds of bonds - Chapter 40D, Section 11
If the proceeds of the bonds initially issued, by reason of increased construction costs or error in estimates or otherwise, shall be less than the...
- Massachusetts General Laws - Issuance of bonds; conditions - Chapter 40D, Section 12
No bonds of any series shall be issued by a municipality under this chapter except bonds issued under section eleven unless the following conditions have...
- Massachusetts General Laws - Deposit of proceeds from bonds - Chapter 40D, Section 13
The proceeds from the sale of any bonds shall be deposited with the trustee under the trust agreement to the credit of a special fund...
- Massachusetts General Laws - Rentals and moneys payable under lease; payment to trustee under trust agreement for repayment of bonds; pledges; trust agreements - Chapter 40D, Section 14
All rentals or other monies payable under a financing document shall be paid to the trustee under the trust agreement securing the bonds. The issuing...
- Massachusetts General Laws - Trust funds - Chapter 40D, Section 15
All monies received by an issuing municipality acting by and through an authority pursuant to the provisions of this chapter, whether as proceeds from the...
- Massachusetts General Laws - Bondholders remedies - Chapter 40D, Section 16
Any holder of bonds issued under the provisions of this chapter or of any of the coupons appertaining thereto, and the trustee, except to the...
- Massachusetts General Laws - Revenue refunding bonds - Chapter 40D, Section 17
A municipality acting by and through an authority is hereby authorized to provide by resolution for the issuance of its revenue refunding bonds for the...
- Massachusetts General Laws - Deposit of funds; reports and financial statements; audits - Chapter 40D, Section 18
All monies of any authority from whatever source derived shall be paid to the treasurer of the authority, except the proceeds of bonds and rentals...
- Massachusetts General Laws - Appropriations - Chapter 40D, Section 19
Any municipality may appropriate money for the benefit of an authority for organizational expenses, and for operating expenses and to transfer for use by any...
- Massachusetts General Laws - Exemption from taxation; leased property - Chapter 40D, Section 20
The operation and maintenance of the projects by a municipality acting by and through an authority will constitute the performance of essential governmental functions, and...
- Massachusetts General Laws - Solid waste disposal facilities; financing authorities; organization; consolidation and dissolution; bonds; contracts; production and sale of steam as a by-product; applicable laws; government grants or loans - Chapter 40D, Section 21
(a) A municipality acting by and through an authority may finance solid waste disposal facilities in the same manner provided by this chapter for industrial...
- Massachusetts General Laws - Pollution control facilities; financing; findings; financing authority; applicable laws - Chapter 40D, Section 22
(a) A municipality acting by and through an authority may finance pollution control facilities in the same manner provided by this chapter for industrial development...
- Massachusetts General Laws - Pollution control, cogeneration, and small power production facilities; grants or loans - Chapter 40D, Section 23
A municipality acting by and through an authority in connection with a project for pollution control facilities, cogeneration facilities or small power production facilities financed...
Last modified: September 11, 2015