Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. The town of Mansfield is hereby authorized to establish and maintain a special fund to be known as the Capital Expenditures Fund. Such fund shall be maintained by the town treasurer as a separate account. The treasurer may deposit and invest such funds in the manner authorized by sections fifty-four and fifty-five of chapter forty-four of the General Laws. Any interest or income earned thereon shall be credited to and become a part of said fund.
The town of Mansfield may appropriate in any fiscal year an amount not to exceed five percent of the amount raised in the previous fiscal year by the taxation of real estate and tangible personal property into said fund by a majority vote at an annual or special town meeting. The aggregate amount in said fund at any one time shall not exceed one percent of the equalized valuation of the town as defined in section one of said chapter forty-four.
The town of Mansfield may appropriate money from the fund by a two-thirds vote of an annual or special town meeting for any purpose for which the town would be authorized to borrow money under the provisions of sections seven and eight of said chapter forty-four.
SECTION 2. This act shall take effect upon its passage.