Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The purpose of this act is to allow the town of Belmont to establish a capital endowment fund to hold and invest proceeds from the sale of the community antenna television system owned by the town pursuant to chapter one hundred and thirty-two of the acts of nineteen hundred and eighty-four and to hold and invest such additional amounts from the disposition of municipal capital assets as the Belmont town meeting may approve in accordance with the provisions of this act. It is the intention of this act to enable the town to maintain such fund to facilitate innovations in town government and long range capital planning and investment and to preserve and enhance the value generated by its citizens in developing and thereafter selling its community antenna television system.
SECTION 2. As used in this act, the following words and terms shall have the following meanings:
"Capital asset", any real estate, building, fixture, street, sanitary sewer, storm drain, water main, other permanent infrastructure, immovable recreational facility, or major piece of fire, highway or automotive equipment owned, leased or controlled by the town of Belmont.
"Capital improvement", any purpose for which the town is authorized to borrow money under section seven or section eight of chapter forty-four of the General Laws, and shall not include routine maintenance or repairs to any capital asset.
"Fund", the Belmont Capital Endowment Fund created by section three.
"Selectmen", the board of selectmen of said town.
"Town", the town of Belmont.
"Town meeting", any annual or special town meeting of said town.
"Treasurer", the treasurer of said town.
SECTION 3. There is hereby created in the treasury of the town a special fund to be known as the Belmont Capital Endowment Fund. The amount appropriated to the stabilization fund at the nineteen hundred and ninety-four annual town meeting from the proceeds of the sale by the town of its community antenna television system, any balance of such proceeds remaining unappropriated after dissolution of the nineteen hundred and ninety-four annual town meeting and other funds authorized pursuant to section five shall be deposited in said Belmont Capital Endowment Fund as hereinafter provided. The treasurer shall be the custodian of said Fund and may deposit and invest amounts in said Fund in accordance with the provisions of section fifty-four of chapter forty-four of the General Laws. The treasurer may appoint, in consultation with the selectmen, a committee of qualified representatives to advise him as to the appropriate investment of said Fund. The treasurer shall report to the board of selectmen no less often than monthly and to the town meeting no less often than annually on the nature and condition of all assets of said Fund.
SECTION 4. During the first five years of its existence the net income of said Fund may, on the recommendation of the selectmen, be appropriated at any town meeting for capital improvements of the town or for the payment of indebtedness incurred by the town to finance capital improvements. Thereafter, said net income may be appropriated for any lawful purpose consistent with the purpose of this act. Any income not so appropriated shall be added to and become a part of said Fund. Any use, disposition, investment or reinvestment of income shall be reported in the annual town report.
SECTION 5. Any portion of the principal of said Fund may, on the recommendation of the selectmen, be appropriated by a two-thirds vote at any town meeting for capital improvements of the town. The town meeting may also authorize additional deposits in said Fund of proceeds received from the sale or disposition of any municipal capital asset. Any grants or gifts made to the town for the purposes of said Fund shall also be deposited therein.
SECTION 6. This act shall take effect upon its passage.