2012 AUGUST-MASHPEE EDIC Plan for Executive Park

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agreement in a sinking fund. That fund is hereby pledged to and charged with the payment of(1) the interest upon the bonds as the interest shall fall due, (2)the principal of the bonds as the same shall fall due, (3)the necessary charges of paying agents for paying principal and interest, and(4) the redemption price or the purchase price of bonds retired by call or purchase as therein provided. SECTION S. The corporation shall be liable in contract or in tort in the same manner as a private corporation. The directors, employees, officers and agents of the corporation shall not be liable as such on its contracts or for torts not committed or directly authorized by them. The property or funds of the corporation shall not be subject to attachment or to levy and sale on execution,but if the corporation refuses to pay a judgment entered against it in any court of competent jurisdiction,the superior court, sitting within and for the county in which the corporation is situated,may, by writ of mandamus, direct the treasurer of the agency to pay the judgment. The real estate of the corporation shall not be subject to liens under chapter 254 of the General Laws;but sections 28 and 29 of chapter 149 of the General Laws shall be applicable to any construction work by the corporation. SECTION 9.The real estate and tangible personal propeity of the corporation shall be deemed to be public property used for essential public and governmental purposes and shall be exempt from taxation and from bettennents and special assessments; but in lieu of such taxes,betterments and special assessments,the town may determine a sum to be paid to it annually in any year or period of years,the sum to be in any year not in excess of the amount that would be levied at the then current tax rate upon the average of the assessed value of such real estate, including buildings and other structures, for the 3 years preceding the year of acquisition thereof,the valuation for each year being reduced by all abatements thereon. The town may agree with the corporation upon the payments to be made, or the corporation may make and the town may accept the payments, the amount of which shall not in either case be subject to the foregoing limitation. Nothing in.this act shall be construed to prevent the taxation to the same extent and in the same manner as other real estate is taxed, of real estate acquired by the corporation for an economic development project and sold by it, or the taxation to the same extent and in the same manner as real estate of the commonwealth is taxed, of real estate so acquired by the corporation and leased by it; but real estate so acquired by the corporation and sold or leased to an urban redevelopment corporation or other entity operating under chanter 121A of the General Laws or to an insurance company or savings bank or group of savings banks operating under said chapter 121A, shall be taxed as provided in said chapter 121A and not otherwise. The corporation and the debentures, revenue bonds and revenue refunding bonds issued under the provisions of this act, their transfer and the income therefrom including any profit made on the sale thereof, shall at all times be free from taxation by the commonwealth or the town.