AN ACT AUTHORIZING THE TOWN OF NEEDHAM TO ESTABLISH A SPECIAL FUND.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding section 53 of
chapter 44 of the General Laws or any other general or special law to the
contrary, the board of selectmen of the town of Needham may establish a special
in the town treasury into which shall be deposited income derived from the
investment of the proceeds of all notes and bonds issued for school building
projects outlined in the town's facilities' master plan study dated
September 27, 1999 and funded through a Proposition 2½ debt exclusion for the
renovation, reconstruction, construction and original equipping of said town's
school buildings. The town treasurer shall be the custodian of these monies
shall make an accounting of the funds to the board of selectmen. Except as
allowed for in section 2, any amount in the special fund shall be applied
solely to the payment of capital costs for the school building project that the
money was borrowed for and no amount shall be spent on such project in excess
of the amount appropriated without an additional appropriation by town meeting
and upon authorization by the town treasurer.
If, upon declaration of the town department or committee
responsible for oversight of a project referenced herein that the project is
completed, there remains a balance in the special fund attributable to that
project, that balance shall be transferred to the General Fund of the town.
This act shall take effect upon its passage.