Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. As used in this act, the following words shall have the following meanings:-

"Planning board", the planning board of the town of Billerica.

"Subdivision forfeiture account", those funds, not to exceed $75,000 held by the town of Billerica or any agency or board thereof which have been deposited under section 81U of chapter 41 of the General Laws, which are not attributable to a particular subdivision, and which have been forfeited as a result of the failure to complete the construction of work or to install municipal services in a subdivision.

SECTION 2. The planning board shall authorize the expenditure of funds in the subdivision forfeiture account for such purposes as are consistent with the intent of this act and after compliance with the procedures set forth in this act.

SECTION 3. Before authorizing the expenditure of funds in the subdivision forfeiture account, the planning board shall hold a public hearing. Notice of such public hearing shall be given by publications in a newspaper of general circulation in the town of Billerica no less than 14 days before the public hearing.

SECTION 4. (a) If after holding the public hearing referred to in section 3 the planning board finds the following, it may expend funds in the subdivision forfeiture account:

(1) funds held in the subdivision forfeiture account are not attributable to a particular subdivision;

(2) use of funds from the subdivision forfeiture account would enable the construction of public ways or the installation of municipal services in an incomplete subdivision;

(3) no other source of funds is feasibly available to undertake the construction of public ways or the installation of municipal services in an incomplete subdivision; and

(4) the planning board determines that it is in the public interest to expend funds from the subdivision forfeiture account for the purpose of undertaking the construction of public ways or the installation of municipal services in an incomplete subdivision.

(b) For the purposes of authorizing expenditures under this act, the planning board shall be subject to chapter 30B of the General Laws.

SECTION 5. Upon making the findings required in section 4 and upon compliance with chapter 30B of the General Laws, the planning board may authorize expenditure of funds from the subdivision forfeiture account. Upon completion of the construction or installation in accordance with such expenditure, the planning board shall report to the board of selectmen as to the funds expended and the purposes for which the expenditure was made. Any expenditures made under this act shall be subject to audit under section 3 of Article III of the general by-laws of the town of Billerica.

SECTION 6. The planning board may promulgate regulations to carry out the provisions of this act.

SECTION 7. This act shall expire on January 1, 2005.