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 any general or special law, rule or regulation to the contrary, the North Raynham water district is hereby authorized to establish a special account to be known as the North Raynham Water District System Development Fund. Such fund shall provide revenue for the cost of acquisition or development of new well fields, storage and distribution systems and the purchase of all related materials, equipment, labor work and all other items associated therewith which will contribute to the betterment of the waterworks system. Such special account shall be maintained by the treasurer of the North Raynham water district in a banking institution doing business in the commonwealth and expenditures from said special account shall be made subject to appropriation initiated by the board of water commissioners and approved by a majority vote of the voters at a meeting of the North Raynham water district.
SECTION 2. Payments to such account shall be made by applicants for connection to the water system of said district who are constructing or erecting new buildings or developing land for industrial, commercial and residential uses. The method and amount of such payments from such private sources shall be as determined by a schedule of fees to be set by the water commissioners of said district. Such schedule shall provide for the method of determining the amount of each payment from such applicants based on the anticipated water use by the particular kind of development contemplated.
SECTION 3. Appropriations from time to time may be made by the North Raynham water district into said special account for the purpose of providing additional funds for aforesaid cost of acquisition or development of new well fields, storage and distributions systems and the purchase of all related materials, equipment, labor work and all other items associated therewith.
SECTION 4. The treasurer of said district shall be authorized to invest monies in said special account and the interest accruing shall inure to the benefit of said special account. Said special account shall be maintained in accordance with generally accepted accounting principles and shall be audited annually with the cost of such audit charged to said special account.
SECTION 5. The water commissioners of said district may make application for available state and federal government grants for the cost of acquisition or development of new well fields, storage and distribution systems and the purchase of all related materials and to pledge any and all sums of money in said account for such matching grants.
SECTION 6. The treasurer of said district shall file with the water commissioners a written report relative to such special account authorized by section one. Said report shall be made within one hundred and twenty days after the books of account are closed for each fiscal year. Such report shall include a financial statement relating to the operation, maintenance and expenditures made under the special account. The water commissioners may review and comment on said report and file such review with the state auditor.