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. The town of Natick is hereby authorized to design, develop, construct and equip a municipal golf course, including a clubhouse and related structures, and other recreational facilities on land owned by and located in the town and on land located in the town of Sherborn acquired by purchase or long term lease for up to and including 99 years. The provisions of section 16 of chapter 30B of the General Laws shall not apply to the purchase or lease of any land by the town of Natick in the town of Sherborn. Said land is located southwest of the Natick/Sherborn town line and northeast of Rockwood Road, and is a portion containing approximately 20 acres of the land shown on the town of Sherborn assessors' maps as Map 10, Lot 5.
SECTION 2. Notwithstanding the provisions of chapter 44 of the General Laws to the contrary, the maturities of bonds issued by the town of Natick for the golf course project shall either be arranged so that for each issue the annual combined payments of principal and interest payable in each year, commencing with the first year in which a principal payment is required, shall be as nearly equal as practicable in the opinion of the town treasurer, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal. The first payment of principal of each issue of bonds or of any temporary notes issued in anticipation of the bonds shall be not later than five years from the estimated date of commencement of regular operation of the golf course, as determined by the town treasurer, and the last payment of principal of the bonds shall be not later than 30 years from the date of the bonds. Not more than 10 per cent of the principal amount of the bonds issued for the project may be used to establish a debt service reserve fund. Any net earnings derived from investment of the proceeds of the bonds may be expended by the town treasurer to pay interest on the bonds but otherwise shall be used only for construction, equipping, operation or maintenance of the golf course. Except as otherwise provided in this act indebtedness incurred by the town for the golf course project shall be subject to the applicable provisions of said chapter 44.
SECTION 3. The vote of the town passed under article 13 of the warrant for the October 1, 1996 town meeting, authorizing bonds for the golf course project, is hereby ratified, validated and confirmed.
SECTION 4. There shall be established a Natick golf course oversight committee consisting of five members to be appointed by the town administrator, two to serve for one year, two to serve for two years, and one to serve for three years, and thereafter until their successors are appointed by the town administrator. These appointments shall be confirmed as provided in section 4-2 of the Natick town charter by the board of selectmen.
It shall be the responsibility of the oversight committee to monitor the operation and financing of the Natick golf course and any contracts with any agencies for the operation or enhancements of that facility. The committee shall accomplish that task by advice and recommendations to both the town administrator and the board of selectmen. Contracts for the construction, maintenance and operation of the golf facility shall be awarded by the town administrator with the approval of the board of selectmen.
SECTION 5. There shall be established by the board of selectmen an enterprise fund for receipt of all revenues from the Natick golf course and all moneys received for the benefit of the golf course other than bond proceeds, which shall be subject to the provisions of section 53F½ of chapter 44 of the General Laws. Such receipts are to be used to cover expenditures for operation of the Natick golf course and for future improvements or enhancements of the Natick golf course or for payment of principal and interest on any bonds or notes issued with respect to the golf course or golf related capital improvements as determined by the board of selectmen.
SECTION 6. This act shall take effect upon its passage.