AN ACT ESTABLISHING AN INFRASTRUCTURE INVESTMENT FUND IN THE TOWN OF HOLDEN.
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 Holden is hereby authorized to create and
maintain a special fund
to be known as the Infrastructure Investment Fund.
Said town of Holden may appropriate to the Infrastructure Investment Fund by
a majority vote at an annual or special town meeting in any year an amount not
exceeding ten percent of the amount raised in the preceding fiscal year by
taxation of real estate and tangible personal property. The aggregate amount
of the Infrastructure Investment Fund at any time shall not exceed ten percent
of the equalized valuation of the town of Holden as defined in section one of
chapter forty-four of the General Laws. Any interest shall be added to and
become a part of the Fund.
The treasurer of the town of Holden shall be the custodian of the Fund and
may deposit the proceeds in national banks or invest the proceeds by deposit in
savings banks, co-operative 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.
The Infrastructure Investment Fund may be appropriated at an annual town
meeting or a special town meeting by a two-thirds vote. For any purpose for
which said town of Holden would be authorized to borrow money under section
seven or eight of said chapter forty-four, other than clauses (1) and (2) of
section eight of said chapter forty-four, and to pay the debt service on said
projects, and which is approved by the infrastructure fund board established
under section two of this act.
SECTION 2. There shall be an infrastructure investment fund board of
the town of Holden consisting of seven voters of said town of Holden, of whom
at least four shall be members of the finance committee of said town of Holden.
Said board shall choose its own officers, set its own rules and shall serve
without pay, except the clerk, who shall receive reasonable compensation for
his services. The clerk of said board may or may not be a member of the board.
The infrastructure investment fund board of said town of Holden shall be
appointed by the moderator of said town of Holden. The initial terms of
the members shall be for one, two or three years, and so arranged that the
terms of approximately one-third of the members will expire each year, and
their successors shall be appointed for terms of three years each. Said board
shall meet at the call of the moderator of said town of Holden or of its
chairman and shall choose its chairman and clerk. The moderator shall
forthwith fill by appointment any vacancies which occur in this membership and
said appointee shall serve for the remainder of his predecessor's term of
The infrastructure investment fund board shall consider matters relating to
appropriations from the Infrastructure Investment Fund, and may, but it is not
required to, make recommendations to said town of Holden or to any board,
committee or official thereof relative to such matters and establish policies
relative to the funding of capital projects of said town of Holden and set
priorities and schedules for such capital projects.