AN ACT ESTABLISHING A CAPITAL PROJECTS FUND IN THE TOWN OF WAKEFIELD.
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 any general or special
law to the contrary, the town of Wakefield may establish
and maintain a fund to be known as the Capital Projects Fund, which shall be
kept separate and apart from all other accounts of the town. The town
treasurer shall be the custodian of the Capital Projects Fund and may invest
amounts in said fund in accordance with the provisions of section 54 or 55 of chapter 44 of the General Laws. Any earnings, income and interest therefromshall be credited to and b
of said fund.
The town may appropriate amounts as deposits into the
Capital Projects Fund from any available source by majority vote at any
special or annual town meeting. In addition, an amount from the annual tax
levy amounting to $1,000,000 shall be deposited to the Capital Projects Fund by
the town treasurer, subject to the approval of the board of selectmen, each
fiscal year without further appropriation by town
meeting. The aggregate amount of the Capital Projects Fund at any time shall
not exceed 10 per cent of the equalized value of the town of Wakefield as
defined in section 1 of chapter 44 of the General Laws; the town treasurer
shall reduce the amount otherwise dedicated from the
tax levy to accomplish this limitation.
Amounts in the Capital Projects Fund shall be used in any
fiscal year to reduce the amount in the tax levy for such fiscal year to pay
principal of and interest on long-term debt of the town maturing or due in such
fiscal year, which debt was incurred under section 7 or 8 of chapter 44 of
the General Laws. The amount to be so used shall not exceed $1,000,000 in any
fiscal year without additional appropriation by town meeting and shall be
determined by the town treasurer, subject to the approval of the board of
selectmen, on or prior to August 1 of each fiscal
year and notice of such amount shall be given to the town assessors within ten
days of the determination. Such amount shall be used without further
appropriation by the town assessors to reduce the amount otherwise to be
assessed for such fiscal year pursuant to section 23 of chapter 59 of the
General Laws. In addition, the town may appropriate money from the Capital
Projects Fund by a two-thirds vote at any special or annual town meeting for
any purpose for which the town would be authorized to borrow money under said
section 7 or 8 of said chapter 44.
This act shall take effect upon its passage.