2012 AUGUST-MASHPEE EDIC Plan for Executive Park

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i SECTION 10. To provide funds for the general purposes of the corporation, including working capital, the corporation may from time to time issue debentures; but the debentures outstanding at any one time shall not exceed $5,000,000 unless specifically approved by the director. The debentures, unless otherwise authorized by law, shall not constitute a debt of the commonwealth or of the town of Mashpee or a pledge of the faith and credit of the commonwealth or of the town of Mashpee and shall be subordinated to all other obligations of the corporation and shall be payable at the time or times and in the installments, if any, as the corporation shall determine,but solely out of the net assets of the corporation; and the holders thereof shall be entitled to interest thereon but only out of the net earnings of the corporation, and in no event at a rate higher than the rate specified therein. The debentures may be secured by a trust agreement by and between the'corporation and a corporate trustee,which shall be located within the commonwealth and shall be a trust company or bank having the powers of a trust company. The trust agreement shall contain provisions for protecting and enforcing the rights and remedies of the debenture holders as may be reasonable and proper and not in violation of law. It shall be lawful for any bank or trust company incorporated under the laws of the commonwealth which may act as depository under the trust agreement to furnish indemnifying bonds or to pledge securities as may be required by the corporation. The trust agreement shall set forth the rights and remedies of the debenture holders and of the trustee, and may restrict the individual right of action by debenture holders. In addition to the foregoing,the trust agreement may contain other provisions as the corporation may consider reasonable and proper for the security of the debenture holders. All expenses incurred in carrying out the trust agreement may be treated as an item of current expense. Debentures may be issued under this act without obtaining the consent of any department, division, commission,board, bureau or agency of the commonwealth or the town of Mashpee and without any other proceedings or the happening of any other condition or things other than those proceedings, conditions, or things which are specifically required by this act. SECTION 11.The town may raise and appropriate or may borrow, or may agree with the corporation or with the federal government or the commonwealth to raise and appropriate and to borrow, in aid of the corporation,sums necessary to carry out the purpose and powers of the corporation including defraying part of the development, acquisition and operating costs of any project. Indebtedness of the town authorized under this section shall be outside the limit of indebtedness prescribed in section 10 of chanter 44 of the General Laws and shall be payable within 20 years and otherwise subject to sections 16 to 27, inclusive, of said chapter 44;but the sole amount of indebtedness of the town, outstanding at any one time under this section and clauses (1), (2), and(4) of section 20 of chanter 121B of the General Laws shall not exceed 5 per cent of the town equalized valuation as defined in section 1 of said chapter 44. Indebtedness incurred under this act shall also be subject to approval under section 22 of said chapter 121B in like manner as indebtedness incurred under said section 20.