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 Ashland shall establish in the town treasury a special revenue account to be known as the Economic Development Special Revenue Fund, into which shall be deposited certain receipts comprised of the total local meals tax received annually by the town under section 2 of chapter 64L of  the General Laws, as provided in subsections (b) and (c). The funds shall be used to support economic development activities, operations and administration in the Town of Ashland and in addition but not limited to Chapter 420 of the Acts of 2018, The Special Revenue Fund for an Economic Development Funding Program for the Town of Ashland.

(b)Notwithstanding any general or special law to the contrary, the amount of the local meals tax based on a rate in excess of 6.25 per cent collected under said section 2 of said chapter 64L by the town for the fiscal year beginning July I, 2019 and each fiscal year thereafter shall be credited  to  the fund and shall be subject to further appropriation by a majority vote of the town meeting.

(c)Notwithstanding any general or special law to the contrary, any interest accruing on any amount on deposit in the fund shall be credited to the General Fund of the town of Ashland.

(d)Nothing in this act shall affect amounts distributed in any fiscal year to the town from the Local Aid Fund.

(e)If, by a majority  vote of the town meeting pursuant  to  section 4B of chapter 4 of the General Laws, the town revokes its acceptance of the local meals tax rate in excess of 6.25 per cent under said section 2 of said chapter 64L, the town shall decide by a 2/3 vote of the town meeting whether the fund shall cease to have effect. If 2/3 of the town meeting votes that the fund shall cease to have effect, all unexpended and uncommitted amounts on deposit in the fund as of the date of the vote to revoke the rate in excess of 6.25 per cent shall be credited to the General Fund of the town on the first day of the calendar quarter following 30 days after the date of the revocatory vote; provided, however, that if 2/3 of the town meeting does not vote that the fund shall cease to have effect, the fund shall continue to have effect and all unexpended and uncommitted amounts on deposit in the fund as of the date of the vote to revoke the rate in excess of 6.25 per cent shall be subject to further appropriation by a majority vote of the town meeting.

(f)The town may close the fund by a 2/3 vote of the town meeting. The vote to

close the fund shall designate: (i) that the fund shall cease to have effect; (ii) that all unexpended and uncommitted amounts on deposit in the fund as of the date of the vote shall immediately be credited to the General Fund of the town ; and (iii) that the portion of the total local meals tax in excess of 6.25 per cent received annually by the town under said section 2 of said chapter 64L and credited to the fund as set forth in subsections (b) and (c) shall be credited to the General Fund of the town .

SECTION 2. That the General Court may make clerical or editorial changes of form only to the bill, unless the Board of Selectmen approve amendments to the bill before enactment by the General Court, and provided further that the Board of Selectmen is hereby authorized to approve amendments which shall be within the scope of the general public objectives of this petition.

SECTION 3. This act shall take effect upon its passage.