Massachusetts General Laws ch. 29 sec. 47 – Borrowing in anticipation of receipts; use of notes to pay taxes of bearer
Section 47. The state treasurer may borrow at any time during the fiscal year, in anticipation of the receipts for that year, such sums of money as may be necessary for the payment of ordinary demands on the treasury, and other legal obligations, including guaranties, of the commonwealth, and may issue notes therefor. Money so borrowed and notes so issued may be at such rates of interest as shall be found necessary. The state treasurer shall repay any sums borrowed under this section as soon after said receipts are paid as is expedient, but in any event before the close of the fiscal year in which the same were borrowed.
Terms Used In Massachusetts General Laws ch. 29 sec. 47
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Notes issued under this section may bear on their face a statement that if principal and interest thereon are not paid when due said notes will be accepted thereafter at face value plus accrued interest to the date of such acceptance as payment to that extent of taxes owed by the bearer to the commonwealth under chapters 62, 62B, 63, or 63B. Notes bearing such legend shall be accepted in payment of such taxes, including penalty and interest thereon, at face value plus accrued interest by all persons responsible for collecting taxes but shall otherwise be payable under their terms as provided in the first paragraph of this section.