Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. There is hereby established in the town of Barnstable a fund to be known as the town of Barnstable scholarship fund.
The board of selectmen of the town of Barnstable is hereby authorized, subject to the approval of the commissioner of revenue, to redesign its municipal tax bills, particularly the real estate property tax bill, providing a place thereon whereby a taxpayer of said town may voluntarily check off his desire to donate and pledge an amount not less than one dollar to said fund, which will increase the amount of tax otherwise due.
The purpose of said fund is to provide financial aid to Barnstable residents in accordance with criteria determined by the scholarship committee established under the provisions of section three.
SECTION 2. Said fund shall be under the jurisdiction of the board of selectmen, and all monies which are collected as a result of the voluntary checkoff shall be deposited in said fund. The town treasurer shall be the custodian of the fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks, or trust companies organized under the laws of the commonwealth, or invest the same in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth.
SECTION 3. A scholarship committee to consist of the superintendent of schools or his designee, a member of the board of selectmen and three citizens of the town shall be appointed to a three year term by the board of selectmen.
SECTION 4. The scholarship committee shall utilize, as much as practicable, the full net income received from the fund, and annually grant as much financial aid as the full income shall provide. Excess income, if any, shall be reserved and added to the net income of said fund the following year.
SECTION 5. In selecting the annual recipients of financial aid from the the town of Barnstable scholarship fund, the scholarship committee shall be guided by the following criteria:
(1) The recipients of financial aid must be residents of the town who have been accepted to pursue education beyond the secondary school level at an institution deemed accredited by said committee.
(2) Said committee shall also take into consideration each recipient's financial need, character, scholastic record and involvement in community work as well as extracurricular school activities.
(3) Each recipient shall be interviewed by said scholarship committee prior to the award of any financial aid.
SECTION 6. All costs incurred in carrying out the provisions of this act shall be paid out of the town of Barnstable scholarship fund, with the exception of the printing of real estate tax bills.
SECTION 7. This act shall take effect upon its passage.