Mass. Senate Approves Lawrence Recovery Plan
BOSTON — The Massachusetts Senate has approved a bill allowing the city of Lawrence to float up to $35 million in municipal bonds to help balance its budget.
The Senate rejected a Republican-sponsored amendment that would have required the administration to immediately place the city under the control of a state-appointed finance control board.
Instead, the Senate bill, like a House bill approved last week, would appoint a state overseer to monitor the city’s ability to balance its books.
Under both bills, the overseer could call on the state to appoint a control board at any time if the overseer determines the city can’t get its fiscal house in order.
Supporters of the bill point out that state didn’t immediately require control boards when it allowed four other communities to float additional bonds in recent years.
Related Stories:
