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 accountant of the town of Hull is hereby authorized to establish an account to be known as the Hull community development trust fund account into which shall be deposited the monies, with interest and earnings derived therefrom, from a certain letter of credit posted as a deposit for the sale of certain land owned by the Hull Redevelopment Authority and which was forfeited to said authority. Said monies deposited into said account shall include the balance of said monies after deductions for prior expenditures made therefrom in accordance with law, deductions called for under a certain close-out agreement entered into by said Hull Redevelopment Authority, said town of Hull and the United States Department of Housing and Urban Development and expenditures authorized by town meeting vote.
SECTION 2. Said account shall be under the jurisdiction of the treasurer-collector of said town who shall maintain said monies and invest them so as to realize the maximum earnings reasonably possible in a prudent and lawful manner.
SECTION 3. The interest and earnings derived from said account may be expended for eligible and qualifying community development purposes and activities in accordance with said close-out agreement.
SECTION 4. Any refunds or reimbursements from current or future projects funded by said account shall be returned to said account.
SECTION 5. The principal of said account may be expended for eligible and qualifying community development purposes and activities pursuant to a two-thirds vote of a town meeting and for matching grant purposes only.
SECTION 6. The annual town report shall include a report on the status of said account and the uses of the income and principal thereof.
SECTION 7. This act shall take effect upon its passage.