Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately allow cities and towns to establish a revolving fund for intergovernmental services, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws, any city or town may authorize the use of an intergovernmental revolving fund for the purpose of operating a multi-community yard waste processing or recycling program. This fund shall be accounted for separately from all other monies in such city or town and to which shall be credited only the receipts received in connection with the program supported by such revolving fund. Expenditures may be made from such revolving fund without further appropriation, subject to the provisions of this act; provided, however, that expenditures shall not be made or liabilities incurred from any such revolving fund in excess of the balance of the fund nor in excess of the total authorized expenditures from such fund, nor shall any expenditure be made unless approved in accordance with sections forty-one, forty-two, and fifty-six of chapter forty-one.
The intergovernmental revolving fund shall be established only by those communities responsible for receiving revenues from the other cities and towns participating in a multi-community yard waste processing or recycling program. Participating communities shall make payments to the treasurer of the city or town establishing such fund, who shall deposit such monies into the intergovernmental revolving fund. Payments from participating communities shall be from properly authorized appropriations.
Interest earned on the intergovernmental revolving fund balance shall be treated as revenue of the town or city.
A revolving fund established under the provisions of this act shall be by vote of the board of selectmen or city council and mayor. Such authorization shall be made in the initial fiscal year and each fiscal year thereafter by the appropriating authority, and shall include a limit on the total amount which may be expended from such fund in that fiscal year. In any fiscal year the limit on the amount that may be spent from an intergovernmental revolving fund may be increased with the approval of the board of selectmen or city council and mayor. All receipts in connection with the operation of the yard waste processing or recycling program shall be credited to the revolving fund and the department responsible for operating the program, as designated by the city or town authorization, and shall be authorized to expend from such fund for the operation of a yard waste processor in accordance with the accepted procedures of the city or town for the disbursement of funds, including the approval of the mayor and city council or the town manager or board of selectmen. The city or town accountant shall submit annually a report of said account to the mayor and city council or the town manager and board of selectmen for review and a copy of said report shall be forwarded to the bureau of accounts.
At the end of each fiscal year any balance in the revolving fund shall be carried forward to the following fiscal year. The intergovernmental revolving fund may be dissolved after the payment of all expenses incurred by the city or town for the operation and maintenance of such program. Any balance shall be returned to the communities contributing to the fund in a manner equal to the portion of their contribution.
The director of accounts may issue guidelines further regulating intergovernmental revolving funds established under this act.