AN ACT AUTHORIZING THE TOWN OF AUBURN TO ESTABLISH A CAPITAL IMPROVEMENT TRUST FUND.
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 Auburn is hereby authorized to establish and
maintain a special account to be known as the Capital Improvement Trust Fund,
raise and appropriate money therefor.
SECTION 2. Such fund shall be maintained by the town of Auburn as a
separate account. The treasurer of said town may invest the funds in such
separate account in the manner authorized by sections fifty-five and
fifty-five A of chapter forty-four of the General Laws. Any interest earned
thereon shall be credited to and become part of such separate account.
SECTION 3. The town of Auburn may appropriate by majority vote at any
special or annual town meeting interest earned by said fund for any capital
purchase or debt payment for any capital purchase. Said town may appropriate
by a two-thirds vote at any special or annual town meeting any principal within
said fund for any capital purchase or debt payment for any capital purchase.
Capital purchase shall mean any item with a life expectancy of more than five
years and valued at five thousand dollars, or more.
SECTION 4. This act shall take effect upon its passage.