Chapter 121C

Section 1. In this chapter, unless a different meaning clearly appears from the context, the following words and phrases shall have the following meanings:— (1) ''Corporation'', the Economic Development and Industrial Corporation created by section three. (2) ''Cost of a project'…

Section 10. To provide funds for the general purposes of the corporation, including working capital, the corporation may from time to time issue debentures; provided, however, that such debentures outstanding at any one time shall not exceed five million dollars unless specifical…

Section 11. The municipality may raise and appropriate or may borrow, or may agree with the corporation or with the federal government or the commonwealth to raise and appropriate or to borrow, in aid of the corporation, such sums as may be necessary to carry out the purposes and…

Section 12. The corporation is hereby authorized to provide by resolution, one time or from time to time, for the issuance of revenue bonds of the corporation for the purposes of paying all or any part of the cost of a project or projects. The principal of and interest on such bo…

Section 13. In the discretion of the corporation such revenue bonds or revenue refunding bonds may be secured by a trust agreement by and between the corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within the common…

Section 14. Revenue bonds and revenue refunding bonds issued under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the commonwealth and its political subdivisions, all insurance companies, trust companies in their commer…

Section 15. Any holder of bonds or debentures issued under the provisions of this chapter or of any coupons appertaining thereto, and the trustee, except to the extent the rights herein given may be restricted by the trust agreement, may, either at law or in equity, by suit, acti…

Section 16. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, general or special, excluding any state or the municipal building code and the municipal zoning code, the provisions of this chapter shall be controlling.

Section 17. The provisions of this chapter are severable; and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.

Section 18. This chapter, being necessary for the welfare of the commonwealth and its inhabitants, shall be liberally construed to effect the purpose thereof.

Section 2. It is hereby declared that decadent or blighted open areas exist in the municipalities of the commonwealth zoned for industrial or manufacturing uses; that each such area constitutes a serious and growing menace, injurious and inimical to the safety, health, morals and…

Section 3. There is hereby authorized in each municipality in the commonwealth the organization of an economic development and industrial corporation, a public body politic and corporate, hereinafter referred to as the corporation. No such corporation, however, shall be organized…

Section 4. The directors of the corporation shall adopt a corporate seal for the corporation, and designate the custodian thereof; may from time to time appoint and at pleasure remove a clerk, a treasurer or such other officers of the corporation as they may deem necessary, and m…

Section 5. The corporation is hereby authorized: (a) To sue and be sued in its own name, and plead and be impleaded. (b) To adopt by-laws for the regulation of its affairs and the conduct of its business, and to alter the same at its pleasure. (c) To make and enter into all contr…

Section 6. No economic development project shall be undertaken until (a) a public hearing relating to the economic development plan covering such project has been held by the corporation after due notice; (b) the economic development plan has been approved by the municipality by …

Section 7. Except as provided herein rents and charges for services or facilities furnished or supplied by the corporation shall not be subject to supervision or regulation by any department, division, commission, board, bureau or agency of the commonwealth or any political subdi…

Section 8. The corporation shall be liable in contract or in tort in the same manner as a private corporation. The directors, employees, officers and agents of the corporation shall not be liable as such on its contracts or for torts not committed or directly authorized by them. …

Section 9. The real estate and tangible personal property of the corporation shall be deemed to be public property used for essential public and governmental purposes and shall be exempt from taxation and from betterments and special assessments; provided, that in lieu of such ta…