Section 1.  Establishment of a Capital Expenditure Fund.

(a ) Notwithstanding the provisions of Section 53 of Chapter 44 of the General Laws or of any other general or special law to the contrary, there is hereby established in the Town of Acushnet a capital expenditure fund to which shall be credited without further appropriation real estate and personal property tax revenue from solar farm facilities situated in residential districts in the town,  as such districts may be defined from time to time by the town’s zoning bylaws (hereinafter “Solar Tax Revenues”).  The town treasurer shall be the custodian of the fund, and the deposit and investment of Solar Tax Revenues in such fund shall be in accord with the provisions of Section 55 of Chapter 44 of the General Laws.  Interest earned shall remain with and become part of the fund.

(b) For purpose of this act, the term “solar farm facilities” shall mean real property on which is located multiple arrays of photovoltaic panels that collect and  convert sunlight to energy for commercial purposes, regardless of how such facilities are characterized, and the panes and related equipment.

Section 2.  Expenditures from the Fund.

( a ) Not later than March 15 in any year, the board of assessors shall estimate annual Solar Tax Revenues to be collected in the upcoming fiscal year and notify the board of selectmen of the amount available for appropriation at the annual town meeting, and at any later town meeting held prior to the setting of the tax rate.  As with other municipal tax revenues, following the close of the books at the end of each fiscal year, any Solar Tax Revenues not appropriated, and any other monies remaining in the fund shall be reported to the department of revenue; once approved, such fund balance shall be available for appropriation at any time until the close of that fiscal year.

(b )  Appropriations from said fund shall be authorized by majority vote at an annual or special town meeting for any purpose related to capital improvements or for the repayment of capital debt.  For purposes of this act, “ capital improvements” or “capital debt” shall include:  acquisition of interests in land, acquisition of tangible assets or the undertaking of capital projects, which assets or projects shall have a useful life of 5 years or more and a cost of $10,000 or more and which are not properly categorized as annual operating expenses and shall include the payment of debt service on capital projects, whether such projects were approved prior to or after the effective date of this act.  Capital projects shall include major departmental capital equipment, even if acquired on an annual basis, meeting the useful life and cost requirements of this section.

Section 3.  This act shall take effect on July 1, 2014.