AN ACT AUTHORIZING THE TOWN OF ARLINGTON TO ESTABLISH A SPECIAL FUND FOR THE PAYMENT OF COSTS RELATIVE TO SCHOOL RENOVATION PROJECTS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of section 53 of
chapter 44 of the General Laws or any other general or special law to the
contrary, the town of Arlington shall establish a special
fund in the town treasury into which shall be deposited all income derived from
investment of the proceeds of bonds and notes issued for the renovation,
reconstruction, construction and original equipping of said town's elementary
schools or any of them, and all income derived from investment of the special
fund, for such school building projects as were originally outlined in said
town's school facilities master plan study dated March 23, 1993 and received
by said town under Article 29 of the 1993 special town meeting. The town
treasurer shall be the custodian of said monies and shall make an accounting
of the funds to each annual town meeting. All amounts in said special fund
shall be applied solely to the payment of costs for a school building project
or projects for which bonds or notes have been authorized or both authorized
and issued relating to the costs of the renovation, reconstruction,
construction and original equipping of said town's elementary schools in such
amount as any special or annual town meeting may determine in any given year.
This act shall take effect upon its passage.