AN ACT PROVIDING FOR A CAPITAL EXPENDITURE FOR THE TOWN OF HOLLISTON.
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 to the contrary, the town of Holliston is hereby authorized to create and
maintain a special fund to be known as the Capital Expenditure Fund, which
shall be kept separate and apart from all other monies of said town by the town
treasurer. Said treasurer shall be the custodian of the Capital Expenditure
Fund and may deposit the proceeds or invest the same in accordance with the
provisions of sections fifty-four and fifty-five of chapter forty-four of the
General Laws. Any interest or income shall be added to and become a part of
the Capital Expenditure Fund.
Said town of Holliston may appropriate in any year an amount not exceeding
five percent of the amount raised in the preceding fiscal year by taxation of
real estate and tangible personal property into the Capital Expenditure Fund by
a majority vote at an annual or special town meeting. The aggregate amount in
the Capital Expenditure Fund at any time shall not exceed one percent of the
equalized valuation of said town of Holliston as defined in section one of said
Said town of Holliston may appropriate money from the Capital Expenditure
by a two-thirds vote at an annual or special town meeting for any purpose for
which the town would be authorized to borrow money under sections seven or
eight of said chapter forty-four.
SECTION 2. This act shall take effect upon its passage.