SECTION 30. Voting equipment loan program

There is hereby established the voting equipment loan program which shall be under the control of the state secretary. The sole purpose of said program shall be to provide, subject to appropriation, loans to municipalities to replace punch card voting systems, so-called, and data vote punch card voting systems, so-called. The state secretary is hereby authorized to promulgate regulations to implement said loan program; provided, however, that such regulations shall require that: (1) all loans shall be repaid to the commonwealth not later than ten years after any such loan is made; (2) such loans shall be repaid with a reasonable rate of interest, such rate to be determined by the secretary of administration and finance; (3) the method of repayment of such loans shall be through a deduction made on a recipient municipality's cherry sheet, so-called; and (4) loans may be made to communities which have replaced punch card voting systems, so-called, and data vote punch card voting systems, so-called, on or after January 1, 1995.