AN ACT AUTHORIZING THE ESTABLISHMENT OF A MUNICIPAL INSURANCE FUND IN THE TOWN OF BROOKLINE.
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 any general or special
law to the contrary, the town of Brookline is hereby authorized to appropriate
an amount not exceeding in any one year .05 per cent of its
equalized valuation, as defined in section 1 of chapter 44 of the General
Laws, to establish and
maintain a special fund to be known as the Town of Brookline Liability
Insurance Fund from which insurance premiums, property
damage losses, including losses involving town owned property, and personal
injury or other claims, settlements and judgments may be paid.
The treasurer of said town shall be the custodian of said fund
and may deposit the proceeds in national banks or invest the
proceeds by deposit in savings banks, cooperative banks or trust companies
organized under the laws of the commonwealth, or, invest the same in such
securities as are legal for the investment of funds of savings banks under the
laws of the commonwealth. Any interest or other income shall be added to and
become a part of the fund.
The Town of Brookline Liability Insurance Fund may be
appropriated at any town meeting by a
majority vote, or, if appropriated to fund a settlement not approved by the
board of selectmen and town counsel, by a two-thirds vote at any town meeting.
This act shall take effect upon its passage.