AN ACT AUTHORIZING THE TOWN OF BREWSTER TO ESTABLISH A CAPITAL INVESTMENT FUND.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
Notwithstanding any general or special law to the contrary, the town of Brewster may establish and maintain a special fund to be known as the Capital Investment Fund.
The town of Brewster may appropriate to the fund by a majority vote at an annual or special town meeting in any year an amount not exceeding 10 per cent of the amount raised in the preceding fiscal year by taxation of real estate and personal property. The aggregate amount of the fund at any time shall not exceed 10 per cent of the equalized valuation of the town as defined in section 1 of chapter 44 of the General Laws.
The town treasurer of the town of Brewster shall be the custodian of the fund and may deposit proceeds in national banks or invest the same in securities as are legal for the investment of funds of savings banks under the laws of the commonwealth or in federal savings and loan associations situated in the commonwealth. Any interest earned on the fund shall be added to and become part of the fund.
Monies in the fund may be appropriated at an annual or special town meeting by a 2/3 vote. Monies in the fund may be appropriated for any purpose for which the town would be authorized to borrow money under sections 7 and 8 of chapter 44 of the General Laws, other than clauses (1) and (2) of said section 8 of said chapter 44 and for debt services on such projects.
The capital planning committee shall operate in an advisory capacity to town meeting and consider matters relating to appropriations from said fund, and may, but is not required to, make recommendations to the town or to any board, committee or official thereof, relative to such matters and establish policies relative to the funding of capital projects of the town and set priorities and schedules for capital projects.
Approved August 6, 2002.