Massachusetts General Laws
Chapter 44 - Municipal Finance
Section 60 - Penalty for Violation of Law Controlling Handling of Town and District Notes

Massachusetts General Laws

Part I - Administration of the Government

Title VII - Cities, Towns and Districts

Chapter 44 - Municipal Finance

Section 1 - Definitions

Section 2 - Limitations and Restrictions Upon Manner of Incurring Debt

Section 3 - Computation of Indebtedness

Section 4 - Temporary Loans in Anticipation of Revenue; Conditions; Limitations

Section 6 - Power to Incur Debt for Payment of Land Damages, Altering Grade Crossings, and Highway or Traffic Control Expenditures

Section 6a - Power to Borrow in Anticipation of Reimbursement by Federal Government or Commonwealth

Section 7 - Cities and Towns; Purposes for Borrowing Money Within Debt Limit

Section 8 - Cities and Towns; Purposes for Borrowing Money Outside Debt Limit

Section 8a - Orders Authorizing Issuance of Bonds; Authentication

Section 8b - Cities and Towns; Right to Replace Lost Funds Deposited; Liquidation or Insolvency of Depository Bank

Section 8c - Cities and Towns; Acquisition of Land for Conservation or Recreation Purposes in Anticipation of State or Federal Reimbursement of Expense; Temporary Debt Outside Limit Authorized

Section 9 - Districts; Right to Borrow Money; Purposes; Amount

Section 10 - Debt Limit

Section 11 - Debt Retirement; Provision for Earlier Payment

Section 14 - Liability for Lawful Debts

Section 15 - Liability for Legal Debts Contracted Under Special Acts

Section 16 - Issuance of Bonds, Notes and Certificates of Indebtedness; Procedure; Form; Contracts With Banking or Financial Institutions

Section 16a - Facsimile Signature

Section 16b - Facsimile Seal; Validity

Section 17 - Temporary Loans; Refund; Repayment

Section 18 - Discount of Notes

Section 19 - Issuance of Notes Payable on Demand Forbidden; Procedure for Repaying Debts; Time for Making Final Payment

Section 19a - Inability to Pay Interest or Principal of Bonds, Notes or Certificates of Indebtedness; Notice; Certification to State Treasurer; Payment by State Treasurer

Section 20 - Proceeds From Sale of Bonds; Restrictions on Use; Disposition of Premiums

Section 20a - Advances Made in Anticipation of Proceeds

Section 21 - Call and Redemption Prior to Maturity

Section 21a - Refunding Bonds; Issuance; Present Values

Section 21b - Designation of Tax Credit Bonds; Sinking Fund; Sale of Tax Credit Bonds; Issuance of Refunding Bonds

Section 21c - Lease Purchase Financing Agreements

Section 22 - Rate of Interest

Section 22a - Insurance, Letters or Lines of Credit for Bonds or Notes; Trust Agreements

Section 22b - Bonds and Notes; Official Statements; Advertising; Collateral Tax Consequences to Social Security Recipients

Section 22c - Security for Bonds or Notes; Insurance, Letters or Lines of Credit, Trust Agreements

Section 23 - Forms for Notes

Section 24 - Authentication; Certification

Section 24a - Bearer Instruments

Section 27 - Certification; Evidence of Liability

Section 27a - Effect of Provisions on Power to Issue Notes

Section 28 - Report to Director of Accounts Required

Section 28a - Applicability of Finance Law to School Districts

Section 28b - Applicability of Finance Law to Planning Districts

Section 28c - Management of Solid Waste; Project Costs; Debt Obligations

Section 30 - Determination of Amount of Appropriation for Departments

Section 31 - Liabilities in Excess of Appropriations Forbidden; Exceptions

Section 31a - Report of Estimated Expenses; Period Covered; Contents

Section 31c - Construction Contracts; Certificate as to Availability of Funds; Effect of Certificate Upon Defense of Insufficiency of Appropriations

Section 31d - Snow and Ice Removal; Emergency Expenditures; Reporting Requirements

Section 32 - Submission of City Budget to City Council; Procedure for Approval, Rejection or Alteration

Section 33 - Power of Council to Add to Appropriation; Conditions; Limitations

Section 33a - Salary Provisions in Budget; Requirements and Limitations

Section 33b - Transfer of Appropriations; Restrictions

Section 35 - Audits of Accounts; When Conducted; Governmental Units to Be Considered Districts; Copy to Be Sent to Chief Executive Officer; Costs

Section 38 - Uniformity of Accounting Classifications; Standards; Authority of Director

Section 39 - Results of Audit; Report to Municipality

Section 40 - Audit of Accounts; Frequency; Reports

Section 41 - Failure to Meet Minimum Standards and Methods of Accounting; Expenses of Auditing; Payment

Section 42 - Audits by Private Accountants; Required Reports

Section 42a - Pilot Program for Audits of Public Functions of City, Town, County, Etc. Where Irregularities or Illegal Acts Are Suspected; Establishment

Section 43 - Accounting Reports; Returns; Forms

Section 44 - Reports of Municipal Statistics; Publication

Section 45 - Powers of Director; Attendance of Witnesses; Production of Books and Documents

Section 46a - Powers of Director; Investigation of Municipal Affairs

Section 47 - Right to Establish or Use

Section 48 - Sinking Fund Commissioners; Powers and Duties; Records; Compensation

Section 49 - Issuance of New Bonds

Section 52 - Issuance of Bonds in Exchange for Bearer Instruments

Section 53 - City, Town or District Funds; Use and Disposition

Section 53a - Grants and Gifts; Acceptance and Expenditure

Section 53a1/2 - Gifts of Tangible Personal Property; Acceptance

Section 53b - Contributions by Commonwealth; Application to Indebtedness

Section 53c - Deposit and Expenditure of Compensation for Off-Duty or Special Detail Work; Appropriation for Special Fund; Fee

Section 53d - Recreation and Park Self-Supporting Service Revolving Funds; Creation; Authorized Use of Funds; Annual Report; Revocation of Provisions

Section 53e - Agencies, Boards, etc.; Annual Operating Costs; Offset by Estimated Receipts of User Fees

Section 53e1/2 - Revolving Funds

Section 53e3/4 - Energy Revolving Loan Fund

Section 53f - Deposits of Public Funds in Banking Institutions in Return for Banking Services

Section 53f1/2 - Enterprise Funds

Section 53f3/4 - Peg Access and Cable Related Fund

Section 53g - Employment of Outside Consultants

Section 53g1/2 - Special Account for Deposits to Secure the Performance of an Obligation by an Applicant for a License or Permit

Section 53h - Rebate to Federal Government to Exclude Interest Paid on Bonds From Gross Income

Section 53i - Settlement or Incorporation Celebrations; Special Fund

Section 53j - Reservation of Revenues From Betterments or Special Assessments to Repay Debt Issued in Connection to Such Improvements

Section 54 - Investment of Trust Funds

Section 55 - Public Funds on Deposit; Limitations; Investments

Section 55a - Liability of Depositor for Losses Due to Bankruptcy

Section 55b - Investment of Public Funds

Section 55c - Municipal Affordable Housing Trust Fund

Section 56 - Towns; Fiscal Year

Section 56a - Cities; Fiscal Year

Section 57 - Taxation; Interest on Debts Incurred in Aid of a Railroad

Section 58 - Cities and Towns; Limitation on Purchasing Powers

Section 59 - Enforcement of Chapter

Section 60 - Penalty for Violation of Law Controlling Handling of Town and District Notes

Section 61 - Penalty for Refusal to Issue Bond in Exchange for Bearer Instruments in Sinking Funds

Section 62 - Penalty for Violation of Provisions of Chapter by Officials

Section 63 - Sale or Other Disposal of Realty; Disposition of Proceeds

Section 63a - Sales of Public Land; Payment of Taxes

Section 64 - Payment of Bills Incurred in Excess of Appropriations

Section 65 - Vacation Pay; Advances to Employees

Section 66 - Advances to Public Employees

Section 67 - Deferred Compensation Program for Employees; Authorized Investments; Requisites; Limitations

Section 67a - Employee Individual Retirement Accounts

Section 68 - Retroactive Salary Increases

Section 69 - Municipal or District Services, Fees or Charges; Insufficient Funds Checks or Electronic Funds Transfers; Penalty

Section 70 - Payment for Municipal Programs, Services, and Activities; Federal Government Reimbursements and Other Resources

Section 71 - Contracts for Revenue Raising Activities; Regulations and Guidelines; Negotiation

Section 72 - Federal Funds for Reimbursable Medical Expenses; Distribution

Section 73 - Requests for Proposals for Design and Construction Services in Public-Private Partnership Development Agreement Seeking Assistance Under Chapter 29c; Technical Assistance From Public-Private Partnership Infrastructure Oversight Commissio...