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rp February 9, 1977 Special Town Meeting rt8 4 ARTICLE 6 -To see if the Town will vote to transfer from the Revenue SharingAccountthe sum of $61,000.00 to the Selectmen's Out -of -State B�7�K11TEScKYV%eoboardeof' selectmenction thereon. C � » RECOMMENDED BY THE FINANCE COMMITTEE ACTION: Moved and seconded to accept Article 6 as read. Vote Carried. ARTICLE 7. To see if the Town will vote to transfer from Fiscal Assistance Title II funds the sum of $6500.00 to the Anti-rece:ssien;..n the Selectmen's Wage Account, or take any other action thereon. SUBMITTED BY THE BOARD OF SELECTMEN RECOMMENDED BY THE FINANCE COMMITTEE ACTION: Moved and Seconded to table Article 7. Unanimous vote. ' ARTICLE 8: To see if the Town will vote to authorize the Board of Selectmen to instruct our State Legislators to file the following legislation: "AN ACT RELATIVE TO THE ALLEVIATIONOF CERTAIN FINANCIAL BURDENS OF CERTAIN LAND OWNERS OF THE TOWN OF MASHPEE. WHEREAS. The deferred operation of this act would tend to defeat its purpose, which is to provide for the immediate relief of certain land owners of the Town of Mashpee, therefore it is hereby declared to be emergency law to go into effeet immediately upon its passage. Be it enacted1by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows: SECTIONI. Land owners of the Town of Mashpee who, prior to the date of the filing of the'Wampanoag Indian Tribal Council land suit,(Mashpee Tribe, Plaintiff v. Town of Mashpee, et al. #76-3190-S) on August 26, 1976 were paying interest on outstanding loans and/or mortgages shall be permitted to defer payments on those interest charges between 5% and 11% on the principal. SECTION 2. The amount of interest owed by the borrower to;a lending institution which'is to be deferred shall be paid to the lending institution by the Commonwealth of Massachusetts acting by and through the Secretary of Administration and Finance according to the terms of ' the loans and/or mortgages provided that the total amount paid to the lending institution by the Commonwealth shall not exceed 8500,,'i_000.00 annually. All interest payments made by the Commonwealth on behalf of a Mashpee property owner shall be reimbursed by the property owner to the Common- wealth within one year of the settlement of the, law suit, Mashpee Tribe, Plaintiff v. Town of Mashpee, et al. SECTION 3. The eligtbllltj�-Afor deferred payment shall not be transferable upon sale of property. SECTDN 4. The terms of this act shall continue from the date of its passage until settlement of the suit." SUBMITTED BY THE BOARD OF SELECTMEN ACTION: Amended to read:_ Section 1. Definitions (a) the term "Mashpee Litigation" shall mean Mashpee Tribe v. Town of Mashpee. Et al.. Civil Action No. 76-3190-S in the United States District Court for the District of Massachusetts, or any other judicial proceeding in which aboriginal title to any property in the town of Mashpee or in the town of Sandwich is asserted. (b) The term "Affected Resident" shall mean any individual resident of the town of Mashpee whose income has been substantially reduced as the direct or indirect result of the Mashpee Litigation. , (c) The term "Landing Institution" shall mean a national banking association, a trust company, a savings bank, a savings and loan institution or a credit union. (d) The term "Eligible Loan" shall mean a loan which has not been modified, since August 26, 197E; to increase the annual rate of interest thereon and which was on August 26, 1976 and is still on the date of an payment to be made hereunder (i) owed to a Lending Institution, and (ii5 secured by a mortgage on real property in the town of Mashpee which, dis- regarding any aboriginal title, is owned by a resident of the;town of Mashpee who is or becomes an Affected Resident. Section 2. The commonwealth shall pay the holder of any Eligible Loan the interest required to be paid by its terms, up to an annual rate of 11%.