SECTION 1. Notwithstanding section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Hamilton may establish a special fund for the Patton Homestead for be known as the Patton Homestead Fund
The fund shall be used for the following purposes:
To operate, maintain, repair, restore, and preserve the Patton Homestead buildings, structures, and property.
SECTION 2. The fund shall be kept separate and apart from all other monies and managed under the direction and control of the Town Manager who hereby designates the treasurer/collector of the Town of Hamilton as the custodian of the fund
SECTION 3. The Finance Director of the Town of Hamilton shall keep a full accounting of the fund and make an annual report, on a fiscal year basis, to the town of Hamilton and that report shall be incorporated into the annual report of the Town of Hamilton. The report shall include the total amount of the fund and the investments, receipts, and disbursements on account of same and shall set forth in the detail the sources of all income and receipts, the purposes of expenditures, and other information as the Finance Director deems appropriate. Receipts, for the purposes of this Act, comprises all monies generated from the use of the property, gifted or donated to support the property, and all other revenue of any kind or nature related directly or indirectly to the Patton Homestead, excepting only tax and grant receipts.
SECTION 4. In addition to administering the proceeds of the Patton Homestead Fund, the Town may solicit, receive, and deposit into the fund any other money donated to this fund, including but not limited to any gifts designating a specific purpose. The existing Patton Gift Fund will be merged into the Patton Homestead Fund created pursuant to this act. It shall be the duty of the Treasurer/Collector to prudently invest the funds deposited in the Patton Homestead Fund in accordance with the standards set forth in chapter 203C of the General Laws. To assist the Town Manager in carrying out his duties, the Town Manager may issue a request for proposals to assist him in the professional financial management of the fund and may enter into contracts with qualified investment managers, registered as such under the United States Investment Advisors Act of 1940, on such terms and conditions as the Town Manager determines shall assist him in carrying out the purposes of the fund.
SECTION 5. Expenditures made by the Town Manager in accordance with the terms of the act may be made without further appropriation
SECTION 6. This act shall take effect upon its passage.
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