AN ACT AUTHORIZING THE TOWN OF BRIDGEWATER TO ESTABLISH AND MAINTAIN A CAPITAL PROJECT FUND.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, the town of Bridgewater is hereby authorized to establish and maintain a fund to be known as a Capital Projects Fund, which shall be kept separate and apart from all other accounts of the town. The town treasurer shall be the custodian of the Capital Projects Fund and may deposit the proceeds or invest the same in accordance with the provisions of section 54 or 55 of chapter 44 of the General Laws. Any interest earned theron shall be credited to and become a part of said fund.
SECTION 2. The town of Bridgewater may appropriate money in any year into the Capital Projects Fund from any available source, including funds received from the commonwealth for mitigation of prison expansion in the town, by a majority vote at any special or annual town meeting. The aggregate amount of the Capital Projects Fund at any time shall not exceed 10 per cent of the equalized valuation of the town of Bridgewater as defined in section 1 of chapter 44 of the General Laws.
SECTION 3. The town of Bridgewater may appropriate monies from the Capital Projects Fund at any special or annual town meeting for any purpose for which the town would be authorized to borrow money under section 7 or 8 of chapter 44 of the General Laws; provided, however, that the appropriation of accumulated interest shall require a two-thirds vote whereas the appropriation of principal shall require a four-fifths vote; provided, further, that the aggregate appropriations from such fund in any fiscal year shall not exceed 25 per cent of the balance of such fund at the beginning of said fiscal year.