AN ACT AUTHORIZING THE TOWN OF LUNENBURG TO ESTABLISH A CAPITAL IMPROVEMENT TRUST FUND AND A BOND AND NOTE PROCEEDS INVESTMENT FUND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding any general or special law to the
contrary, the town of Lunenburg may establish and maintain a special account
known as the Capital Improvement Trust Fund, and may raise and appropriate
money for the fund.
The town of Lunenburg may appropriate to the fund by
majority vote at an annual or special town meeting in any year any amount not
to exceed 10 per cent of the amount raised in the preceding year by taxation
of real estate and tangible personal property. The aggregate amount of the
fund at any time shall not exceed 10 per cent of the equalized valuation of
the town as defined in section 1 of chapter 44 of the General Laws.
The fund shall be maintained by the town of Lunenburg as a
separate account. The treasurer of the town shall be the custodian of the fund
and may invest the funds in such separate account in the manner authorized by
section 55 and 55A of chapter 44 of the General Laws. Any interest earned on
the fund shall be credited to and become part of the separate account.
The town of Lunenburg may appropriate by majority vote at
any annual or special town meeting any principal and interest within the fund
for any capital purchase or principal debt payment for any capital purchase.
Capital purchase is defined as any item with a life expectancy of more than
Notwithstanding section 53 of chapter 44 of the General
Laws or any other general or special law to the contrary, the board of
selectmen of the town of Lunenburg may establish a special fund or funds in the
town treasury into which shall be deposited income derived from the investment
of the proceeds of all notes and bonds issued for any capital building project
and funded through a proposition 2 1/2 debt exclusion for the renovation,
reconstruction, construction and original equipping of the town's buildings.
The town treasurer shall be the custodian of these monies and shall make an
accounting of the funds to the board of selectmen. Except as provided for in
section 6, any amount in such special fund shall be applied solely to the
payment of capital costs or debt service for the building project that the
was borrowed for and no amount shall be spent on such projects in excess of the
amount appropriated therefore without an additional appropriation by town
meeting and upon authorization by the town treasurer.
If, upon declaration of the town department or
committee responsible for oversight of a project referenced in this act that
the project is completed, there remains a balance in the special fund
attributable to that project, that balance shall be transferred to the General
Fund of the town.
This act shall take effect upon its passage.