Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws or any other provision of law to the contrary, the town of North Reading is hereby authorized to establish a special account to be known as the Hillview Special Account into which account shall be deposited all receipts, revenues and funds from any source derived from any activity of the Hillview facility formerly known as the Hillview Country Club. For the purpose of acquiring, operating, maintaining and improving the facility, said town, may, at any time during the fiscal year appropriate monies into said account. Donations from private sources also may be received and placed into said account, as well as monies from other sources authorized by law.
SECTION 2. Said account shall be maintained by the town treasurer of said town. Said treasurer may invest the monies in said account in the manner authorized by sections fifty-five and fifty-five A of chapter forty-four of the General Laws. The interest accruing upon said Account shall inure solely to the benefit of the Hillview facility. The books and records of the facility pertaining to said Account shall be maintained in accordance with generally accepted principles of accounting. Said Account shall be audited annually by an independent certified public account. Such audit reports shall be submitted to the Hillview commission, the board of selectmen and the town administrators of said town.
SECTION 3. The town treasurer of said town, upon written request of the Hillview commission with the approval of the board of selectmen of said town, may advance funds from the general fund of the town, in anticipation of the receipt of revenues of the Hillview facility for the same fiscal year. Such advances outstanding at one time in any fiscal year shall not exceed twenty-five per cent of the annual expenses of the current fiscal year as certified by said commission unless a larger amount shall be approved by said board of selectmen. All sums so advanced shall be deposited into said account established under section one and said facility shall, prior to the end of the fiscal year in which advances were made from the general fund, repay said advances from said Account. Said repayment shall include an amount equal to the interest as determined by the town treasurer of said town, allocable to any debt incurred by said town in anticipation of revenue, in order to make such advances to said facility during the same fiscal year.
SECTION 4. The Hillview commission shall file with the board of selectmen, the town administrator, the town treasurer and the bureau of accounts a written report of the special account established under the provisions of section one within one hundred and twenty days after the books are closed for the fiscal year. Such report shall include financial statements relating to the operations, maintenance, capital and real and personal properties of the Hillview facility.
SECTION 5. This act shall take effect upon its passage.
SECTION 6. This act shall become inoperative on July first, nineteen hundred and eighty-nine.