SECTION 25. Issuance and sale of bonds

To provide for the acquisition, holding, protection, maintenance or use of lands as provided by clause (29) of section 3, to provide for making loans, loan guarantees and grants provided by this chapter, to provide for personnel and administrative costs of the Agency, to provide for costs related to the Devens project, so-called, created by chapter 498 of the acts of 1993 and to refinance notes issued as provided in this chapter, the state treasurer shall, upon request of the governor, issue and sell bonds of the commonwealth in an amount not to exceed, in the aggregate, the sum of $170,000,000; provided, however, that $120,000,000 thereof shall be expended exclusively for costs related to said Devens project; and provided further, that not more than $15,000,000 may be expended for renovations to existing facilities within the Devens reserve force training area and at Westover Air Force Base for the use of marine and naval reserve units formerly assigned to South Weymouth naval air station.

All bonds issued by the commonwealth as aforesaid shall be designated on their face, Government Land Bank Fund Loan Act, and shall be term or serial bonds, shall bear such date or dates, and shall mature at such time or times not exceeding 30 years, from the date of issue, as the governor may recommend to the general court pursuant to Section 3 of Article LXII of the Amendments to the Constitution of the Commonwealth, the maturities thereof to be so arranged that the amounts payable in the several years of the period of amortization, other than the final year, shall be as nearly equal as in the opinion of the state treasurer it is practicable to make them. Said bonds shall bear interest semi-annually at such rate as the state treasurer, with the approval of the governor, shall fix.

All interest payments and payments on account of principal on such bonds shall be payable from the Government Land Bank Fund to the extent of the monies therein, provided, however, that notwithstanding any provision of this chapter, such bonds and the interest thereon shall be general obligations of the commonwealth.