Section 24. The state treasurer may borrow from time to time on the credit of the commonwealth such sums of money as may be necessary, but not exceeding, in the aggregate, the sum of $40,000,000, for the purposes of acquisition, holding, protection, maintenance, repair or use of lands or for provision of personnel and administrative cost of the Agency as provided by this chapter, and may issue and renew from time to time bonds or notes of the commonwealth therefor bearing interest at such times and at such rate as shall be fixed by the state treasurer. Such notes shall be issued and may be renewed one or more times for such terms, not exceeding one year, as the governor may recommend to the general court in accordance with Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth. All payments on account of principal on such notes shall be repaid from the Government Land Bank Fund; provided, however, that notwithstanding any provision of this chapter, such notes shall be general obligations of the commonwealth.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title II - Executive and Administrative Officers of the Commonwealth
Chapter 23g - The Massachusetts Development Finance Agency
Section 2 - Creation; Directors, Officers and Employees; Termination; Trade Secrets
Section 4 - Development Finance Insurance Fund
Section 5 - Insurance or Reinsurance of Loans; Rates; Approval of Loan
Section 6 - Massachusetts Export Development Fund
Section 7 - Massachusetts Export Development Program; Insurance, Co-Insurance and Loan Guarantees
Section 8 - Issuance of Bonds; Bond Reserve Fund
Section 9 - Investment in Bonds by Public Officers, Public Bodies, Insurance or Banking Institutions
Section 11 - Marine Seafood Processing Revolving Loan Fund; Separate Accounts
Section 13 - Grant and Approval of Loans
Section 14 - Acquisition of Lands
Section 15 - Conveyance of Land to Agency or Boston Redevelopment Authority
Section 16a - Designations; Walking Track; Tennis Courts
Section 16b - Borrowing of Money
Section 16c - Taking of Land by Eminent Domain
Section 17 - Disposition of Lands; Valuation
Section 18 - Government Land Bank Fund
Section 18a - Liability for Payment of Bonds Issued Under Prior Act
Section 19 - Grants; Financing Transactions; Approval of Applications
Section 20 - Small Business Incubator Facilities; Location Restriction
Section 21 - Application Requirements for Incubator Development Plan, Loans or Grants
Section 22 - Application Approval; Requirements by Incubator Sponsor
Section 23 - Incubator Facilities; Tenant Businesses; Time Limitation
Section 24 - Authorization to Borrow; Issuance of Bonds and Notes
Section 25 - Issuance and Sale of Bonds
Section 26 - Contract Assistance for Debt Service Obligations
Section 27 - Emerging Technology Fund
Section 28 - Advisory Committee; Membership; Terms; Quorum; Reimbursement for Expenses
Section 29a - Brownfields Redevelopment Fund
Section 30 - Accounts of Receipts and Expenditures; Annual Report
Section 31 - Rents and Charges for Services or Facilities Furnished or Supplied by Agency
Section 32 - Liability in Contract or Tort
Section 33 - Exemption From Taxation
Section 37 - Monies Credited to Government Land Bank Fund; Reversion Upon Termination of Agency
Section 38 - Books, Papers, Records, Documents and Equipment; Transfer Upon Termination of Agency
Section 40 - Proceedings and Prosecutions Pending Upon Termination of Agency
Section 41 - Incubator Program Fund
Section 42 - Massachusetts Cultural Facilities Fund
Section 44 - Application of Other Laws to the Agency
Section 46 - Transformative Development Fund
Section 47 - Maritime Piers Repair and Rehabilitation Program