HOUSE DOCKET, NO. 998        FILED ON: 1/14/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1835

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Kimberly N. Ferguson

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to regional stabilization funds.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Kimberly N. Ferguson

1st Worcester

1/14/2015

Josh S. Cutler

6th Plymouth

10/1/2019

Susan Williams Gifford

2nd Plymouth

10/1/2019

Jennifer E. Benson

37th Middlesex

10/1/2019

Carolyn C. Dykema

8th Middlesex

10/1/2019

Chris Walsh

6th Middlesex

10/1/2019

Benjamin B. Downing

Berkshire, Hampshire, Franklin and Hampden

10/1/2019

Jennifer L. Flanagan

Worcester and Middlesex

10/1/2019

Elizabeth A. Poirier

14th Bristol

10/1/2019

Stephen L. DiNatale

3rd Worcester

10/1/2019

Stephen Kulik

1st Franklin

10/1/2019

James B. Eldridge

Middlesex and Worcester

10/1/2019

Brian M. Ashe

2nd Hampden

10/1/2019

Sheila C. Harrington

1st Middlesex

10/1/2019

Kevin J. Kuros

8th Worcester

10/1/2019

Gailanne M. Cariddi

1st Berkshire

10/1/2019

Patricia A. Haddad

5th Bristol

10/1/2019

Jonathan D. Zlotnik

2nd Worcester

10/1/2019


HOUSE DOCKET, NO. 998        FILED ON: 1/14/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1835

By Mrs. Ferguson of Holden, a petition (accompanied by bill, House, No. 1835) of Kimberly N. Ferguson and others relative to regional stabilization funds.  Municipalities and Regional Government.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1839 OF 2013-2014.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act relative to regional stabilization funds.

 

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. Said chapter 71 is hereby further amended by striking out section 16G1/2, as appearing in the 2012 Official Edition, and inserting in place thereof the following section:-

Section 16G1/2. A regional school district may, upon a majority vote of all the members of the regional district school committee and, with the approval of a majority of the local appropriating authorities of the member municipalities, establish a stabilization fund and may, in any year, include in its annual budget for deposit in the stabilization fund an amount not exceeding five per cent of the aggregate amount apportioned to the member municipalities for the preceding fiscal year or such larger amount as may be approved by the director of accounts. The regional school district shall notify the member towns that said stabilization account has been established.  Each regional school district member town will have 60 days to consider the establishment of the stabilization fund.  In the event that a member town fails to take action within 60days, that member town shall be deemed to have approved the establishment of said stabilization fund. The aggregate amount in the fund at any time shall not exceed five per cent of the combined equalized valuations of the member municipalities. Any interest shall be added to and become a part of the fund. The annual report submitted to the member municipalities pursuant to clause (k) of section sixteen shall include a statement of the balance in the stabilization fund and all additions to and withdrawals from the fund during the period covered by such report.

The treasurer of the regional school district shall be the custodian of such fund and may deposit or invest the fund in such deposits or investments as are legal for the deposit or investment of revenue funds of the district or in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth.

The stabilization fund may be appropriated by vote of two-thirds of all of the members of the regional district school committee for any purpose for which regional school districts may borrow money or for such other district purpose as the director of accounts may approve.

This section shall also apply to any regional school district established under the provisions of a special law.