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 West Boylston is hereby authorized to establish and maintain a special fund to be known as the Capital Investment Fund.
Said town may appropriate to said 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 said fund at any time shall not exceed ten percent of the equalized valuation of said town, as defined in section one of chapter forty-four of the General Laws. Any interest shall be added to and become a part of said fund.
The treasurer of said town shall be the custodian of said fund and may deposit proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative 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.
Said fund may be appropriated at an annual town meeting or a special meeting by a two-thirds vote. Said fund may be appropriated for any purpose for which said town would be authorized to borrow money under sections seven and eight of said chapter forty-four, other than clauses (1) and (2) of said section eight of said chapter forty-four, and to pay the debt service on said projects, which are approved by the capital investment board established under section two of this act.
SECTION 2. There shall be a capital investment board of the town of West Boylston consisting of seven voters of said town, of whom at least four shall be members of the finance committee of said town. Said board shall choose its own officers, set its own rules and shall serve without pay, except the clerk, who may receive reasonable compensation for his services. The clerk of said board may or may not be a member of said board. Said board of said town shall be appointed by the moderator of said town. 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 successor shall be appointed for terms of three years each. Said board shall meet at the call of the moderator of said town or of its chairman and shall choose its chairman and clerk. Said 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 office.
Said board shall consider matters relating to appropriations from the Capital Investment Fund, and may, but is not required to, make recommendations to said town 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 and set priorities and schedules for such capital projects.