AN ACT ESTABLISHING A SPECIAL RESERVE FUND IN THE TOWN OF SUNDERLAND.
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. (a) Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Sunderland shall establish a special reserve fund in the town treasury into which shall be deposited income derived from investment of the proceeds of the school building assistance grant received from the Massachusetts School Building Authority as reimbursement for the Sunderland elementary school reconstruction project.
(b) Income derived from the investment or reinvestment of the special fund, including income generated as of July 1, 2007, or thereafter, shall remain with and become part of the special reserve fund. The town treasurer shall be the custodian of the special reserve fund and shall make an accounting thereof to each annual town meeting.
(c) Amounts in the special reserve fund shall be applied solely to the payment of debt service associated with the Sunderland elementary school reconstruction project for which bonds or notes were authorized and issued, in the amount as a special or annual town meeting may by majority vote determine.
(d) Monies held in the special reserve fund may be invested pursuant to section 55 of said chapter 44; provided, however, that, notwithstanding any limitations on the maturity of investments under said section 55, the investments may have a maturity date not later than a date determined by the town treasurer as needed to pay the debt service.
SECTION 2. This act shall take effect upon its passage.
Approved August 6, 2008