AN ACT ESTABLISHING A BUILDING RESERVE FUND IN THE TOWN OF LYNNFIELD.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
There is hereby established in the treasury of the town of
Lynnfield a special fund to be known as the Lynnfield Building Reserve Fund.
The amount appropriated to said fund under Article 2 of the warrant for the
March 11, 2000
special town meeting shall be deposited in said fund. At any annual or
town meeting the town may also appropriate additional funds for and authorize
additional deposits in said fund. The town treasurer shall be the custodian of
said fund and may invest amounts in said fund in accordance with the provisions
of section 54 of chapter 44 of the General Laws. All earnings and income
such investments shall be added to and become a part of said fund.
Amounts in said fund may be used in any fiscal year to
reduce the amount to be included in the tax levy for such fiscal year to pay
principal of and interest on debt of the town maturing or due in such fiscal
year relating to the school and senior center construction, reconstruction and
remodeling projects authorized under Article 1 of the warrant for the
March 11, 2000 special town meeting, or any other project to which the town
meeting has voted to apply the Building Reserve Fund. The
amount to be so used shall be determined by the
town administrator, with the approval of the board of selectmen, on or prior to
August first of each fiscal year and notice of such amount shall be given to
the town assessors within ten days of the determination. Such amount shall be
used without further appropriation by the town assessors to reduce the amount
otherwise to be assessed for such fiscal year pursuant to section 23 of chapter 59 of the General Laws.
The vote of the town passed under Article 2 of the
warrant for the March 11, 2000 special town meeting appropriating $2,300,000
said fund is hereby ratified, validated and confirmed.
This act shall take effect upon its passage.