AN ACT AUTHORIZING THE CITY OF NEWBURYPORT TO ESTABLISH CERTAIN MAINTENANCE AND CAPITAL INVESTMENT FUNDS.
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. Notwithstanding any general or special law to the contrary, the city of Newburyport may create and maintain a special fund to be known as the Sidewalks Capital and Maintenance Fund, which shall be kept separate and apart from all other accounts of the city by the city auditor/finance director. The city treasurer shall be the custodian of the Sidewalks Capital and Maintenance Fund and may deposit the proceeds or invest the proceeds in accordance with section 54 of chapter 44 of the General Laws. Interest and earnings on investments in the Sidewalks Capital and Maintenance Fund shall be credited to and become part of the separate account. The city of Newburyport may appropriate money in any year into the Sidewalks Capital and Maintenance Fund by majority vote of the city council upon request by the mayor.
The city of Newburyport may appropriate money from the Sidewalks Capital and Maintenance Fund by a majority vote of the city council upon request by the mayor for any maintenance or capital investment purpose in the sidewalks of the city. At no time shall the total appropriation from the account exceed ½ of the interest earned on principal in the account in the 12 months prior to passage of the city budget. The principal balance of the Sidewalks Capital and Maintenance Fund shall not be available for appropriation for any reason except in the event of a financial emergency. In the event of a financial emergency the city may appropriate from the principal balance of said account by a 2/3 vote of the city council upon request by the mayor. Any appropriation from principal shall be repaid within 10 years.
SECTION 2. Notwithstanding any general or special law to the contrary, the city of Newburyport may create and maintain a special fund to be known as the Parks, Recreation and Historic Preservation Capital and Maintenance Fund, which shall be kept separate and apart from all other accounts of the city by the city auditor/finance director. The city treasurer shall be the custodian of the Parks, Recreation and Historic Preservation Capital and Maintenance Fund and may deposit the proceeds or invest the proceeds in accordance with section 54 of chapter 44 of the General Laws. Interest and earnings on investments in the Parks, Recreation and Historic Preservation Capital and Maintenance Fund shall be credited to and become part of the separate account. The city of Newburyport may appropriate money in any year into the Parks, Recreation and Historic Preservation Capital and Maintenance Fund by majority vote of the city council upon request by the mayor.
The city of Newburyport may appropriate money from the Parks, Recreation and Historic Preservation Capital and Maintenance Fund by a majority vote of the city council upon request by the mayor for any maintenance or capital investment purpose in the parks and recreational areas of the city and for the purposes of historic preservation. At no time shall the total appropriation from said account exceed ½ of the interest earned on principal in said account in the 12 months prior to passage of the city budget. The principal balance of the Parks, Recreation and Historic Preservation Capital and Maintenance Fund shall not be available for appropriation for any reason except in the event of a financial emergency. In the event of a financial emergency the city may appropriate from the principal balance of said account by a 2/3 vote of the city council upon request by the mayor. Any appropriation from principal shall be repaid within 10 years.
SECTION 3. Notwithstanding any general or special law to the contrary, the city of Newburyport may create and maintain a special fund to be known as the City Building Capital and Maintenance Fund, which shall be kept separate and apart from all other accounts of the city by the city auditor/finance director. The city treasurer shall be the custodian of the City Building Capital and Maintenance Fund and may deposit the proceeds or invest the same in accordance with section 54 of chapter 44 of the General Laws. Interest and earnings on investments in the City Building Capital and Maintenance Fund shall be credited to and become part of the separate account. The city of Newburyport may appropriate money in any year into the City Building Capital and Maintenance Fund by majority vote of the city council upon request by the mayor.
The city of Newburyport may appropriate money from the City Building Capital and Maintenance Fund by a majority vote of the city council upon request by the mayor for any maintenance or capital investment purpose in municipal buildings of the city. At no time shall the total appropriation from said account exceed ½ of the interest earned on principal in said account in the 12 months prior to passage of the city budget. The principal balance of the City Building Capital and Maintenance Fund shall not be available for appropriation for any reason except in the event of a financial emergency. In the event of a financial emergency the city may appropriate from the principal balance of the account by a 2/3 vote of the city council upon request by the mayor. Any appropriation from principal shall be repaid within 10 years.
SECTION 4. Notwithstanding any general or special law to the contrary, the city of Newburyport may create and maintain a special fund to be known as the School Building Capital and Maintenance Fund, which shall be kept separate and apart from all other accounts of the city by the city auditor/finance director. The city treasurer shall be the custodian of the School Building Capital and Maintenance Fund and may deposit the proceeds or invest the same in accordance with section 54 of chapter 44 of the General Laws. Interest and earnings on investments in the School Building Capital and Maintenance Fund shall be credited to and become part of the separate account. The city of Newburyport may appropriate money in any year into the School Building Capital and Maintenance Fund by majority vote of the city council upon request by the mayor.
The city of Newburyport may appropriate money from the School Building Capital and Maintenance Fund by a majority vote of the city council upon request by the mayor for any maintenance or capital investment purpose in the schools and educational facilities of the city. At no time shall the total appropriation from the account exceed ½ of the interest earned on principal in said account in the 12 months prior to passage of the city budget. The principal balance of the School Building Capital and Maintenance Fund shall not be available for appropriation for any reason except in the event of a financial emergency. In the event of a financial emergency the city may appropriate from the principal balance of said account by a 2/3 vote of the city council upon request by the mayor. Any appropriation from principal shall be repaid within 10 years.
SECTION 5. This act shall take effect upon its passage.