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 established by section two. (b) ''Board'', the board of directors of an authority. (c) '…

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 after due allowance for bond discount and expense to pay the estimated cost of the project or projects on account of whic…

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 amount required for the purpose for which such bonds are authorized, additional bonds may in like manner, and without an…

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 been complied with: (1) The governing body of the municipality or in case of a consolidated authority the governin…

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 or funds to be used solely for the payment of the cost of the project and shall be disbursed in such manner and under such restriction…

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 municipality acting by and through an authority is further authorized to pledge such rentals and other revenues to the…

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 sale of revenue bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provide…

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 extent the rights herein given may be restricted by the trust agreement securing the same, may, either at law or in equity, by…

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 purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this chapter, i…

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 or other revenues from a project or under a financing document which secures bonds, which shall be paid as provided in th…

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 such authority, with or without consideration, any interest in real or personal property or interest therein f…

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, that no such authority shall organize or be organized, transact any business, employ any personnel or…

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 an authority or municipality shall not be required to pay any taxes or assessments upon any proj…

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 development facilities, except as otherwise hereinafter provided. (b) A city or town, acting in the manner spec…

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 facilities, except as otherwise hereinafter provided. (b) The requirements of clauses (e), (g), (i), a…

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 or to be financed under this chapter may apply for and accept and use any grant, loan…

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 be appointed in a city by the mayor or by the city manager in a Plan D or Plan E municip…

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 and misconduct in office, or any of such causes, a director of an industrial development financing authority, …

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, an executive director who shall not be subject to section nine A of chapter thirty or to chapter thirty-…

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 other expenses incurred by him in the discharge of his official duties. The compensation of the ex…

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 shall have the following powers to the extent that the same are not elsewhere in this chapter expressly limite…

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 amortize the principal and interest of all bonds and other obligations of the municipality issued or incurred to pay t…

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 this chapter and to evidence the same by the issuance of bonds. The bonds may be of one or more ser…