AN ACT AUTHORIZING THE TOWN OF SUDBURY TO ESTABLISH A SPECIAL FUND FOR DEPOSIT OF CERTAIN FUNDS TO BE USED FOR AFFORDABLE HOUSING.
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 town of Sudbury may establish a fund for the deposit of all funds from the rent, sale and any other income received from the Frost Farm Village Condominiums located on town owned land under a long term lease, and maintained as a separate account for the purpose of providing funds for additional affordable housing in said town.
SECTION 2. The establishment of the fund shall be retroactive to July 30, 2001, the date of the execution of the ground lease between the town of Sudbury and the developer of the Frost Farm Village Condominiums.
SECTION 3. The funds shall be placed in an interest bearing account. Interest accruing thereon shall be added to the fund and expended for the purpose of the fund.
SECTION 4. All expenditures from the fund shall be authorized by a vote of town meeting in the town of Sudbury.
SECTION 5. This act shall take effect upon its passage.