This bill grants the town of Lincoln the authority to issue up to $14,000,000 in general obligation bonds, notes, and other forms of debt. The funds will be used for the development and construction of a new town-wide centralized rescue station, as well as for other related costs. The bill also allows the town to issue temporary notes in anticipation of the bonds or in anticipation of federal or state aid. These notes can be renewed or paid off with the issuance of other notes, but the total amount of temporary notes outstanding cannot exceed 200% of the amount of bonds that can be issued. The bill also allows the town to use funds from the treasury to advance the purposes specified in the bill, with the expectation that these advances will be repaid from the proceeds of future bonds or notes.

This bill authorizes the town of Lincoln to issue up to $14,000,000 in general obligation bonds, notes, and other evidences of indebtedness. The funds will be used to finance the development and construction of a new town-wide centralized rescue station, as well as the furnishing and equipping of the station. The bill also allows the director of finance to deposit or invest any proceeds from the bonds or notes, as well as any applicable federal or state assistance, in various financial instruments. The bill outlines the application of accrued interest, premiums, and earnings from the sale or investment of funds, and the obligations of the town to appropriate funds for the payment of principal and interest on the bonds and notes. The bill also authorizes the town to apply for and expend federal or state advances or grants for the project, and specifies that federal law prevails in case of any inconsistency with state law. The bill further provides for the validity of the bonds and notes, the extinguishment of the authority to issue them, and the execution of necessary documents and agreements. Finally, the bill requires the approval of the act by the electors of the town in a special election.