Section 3 Resolution of board to authorize qualified bonds; release - Massachusetts Statutes

Section 3. If the investigation determines to the satisfaction of the board that such city, town or regional school district should be entitled to issue qualified bonds, the board may by resolution authorize such city, town or regional school district to issue such qualified bonds. In considering any vote submitted to it and before certifying its approval thereof and authorization of qualified bonds, the board may require, in writing, the city council, town meeting or regional district school committee to adopt resolutions restricting or limiting any future proceedings with respect to the authorization of bonds or other matters deemed by the board to affect any estimate made or to be made by it as a result of the investigation made in accordance with section two. Every resolution so adopted shall constitute a valid and binding obligation of the city, town or regional school district running to and enforceable by the board; provided, however, that upon application of the city, town or regional school district, the board may, after investigation thereof, release the city, town or regional school district from any restrictions or limitations contained in the resolution, if it finds that such release is in the best interests of the city, town or regional school district and will not impair the security of the qualified bonds.