This bill grants the town of Lincoln the authority to issue general obligation bonds, notes, and other forms of debt up to a total of $14,000,000. The proceeds from the sale of the bonds will be used for the development and construction of a new town-wide centralized rescue station, as well as for the payment of principal and interest on temporary notes, payment of capitalized interest on bonds or notes, repayment of advances, and payment of related costs of issuance. The bill also allows for the issuance of interest-bearing or discounted notes in anticipation of the bonds or receipt of federal or state aid. The director of finance, town manager, and president of the town council are authorized to execute necessary documents and agreements to comply with federal tax and securities laws. The bill also allows for the refunding of temporary notes and the use of funds in the treasury for the specified purposes.

This bill authorizes the town of Lincoln to issue general obligation bonds, notes, and other evidences of indebtedness in an amount not exceeding $14,000,000. 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 specifies that any proceeds from the bonds or notes, as well as any applicable federal or state assistance, may be deposited or invested by the director of finance in various financial instruments. Additionally, any accrued interest, premiums, earnings, or net profit from the sale or investment of funds may be applied to the payment of the first interest due on the bonds or notes, the cost of preparing, issuing, and marketing the bonds or notes, the cost of the project, or the payment of the principal or interest on the bonds or notes. The bill also states that the town must annually appropriate a sufficient sum to pay the principal and interest coming due on the bonds and notes, and that if such sum is not appropriated, it will be added to the annual tax levy. The bill further authorizes the town to apply for and expend any federal or state advances or grants available for the project, and specifies that federal and state advances may be repaid as project costs. The bill also includes provisions regarding the validity and execution of the bonds and notes, the extinguishment of the authority to issue bonds and notes, and the execution of necessary documents and agreements. Finally, the bill requires the approval of the act to be submitted to the electors of the town at a special election, and specifies the form of the question to be submitted. Sections 13 and 14 of the bill would take effect upon passage, while the remainder of the bill would take effect upon approval of the question at the election.