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 Rochester may establish and maintain a special fund to be known as The Capital Investment Fund with the following sub-accounts:- town administration buildings, council on aging buildings, library buildings, highway buildings and projects, public safety buildings such as for fire, police, communication, emergency medical or paramedic, emergency response, and elementary schools, and for purchase of land for any municipal purpose, to include open space, recreation or other conservation purpose.
The town may appropriate to the fund sub-accounts by a majority vote at an annual or special town meeting in any year an amount not exceeding in the aggregate 10 per cent of the amount raised in the preceding fiscal year by taxation of real estate and tangible personal property. The total amount of the fund in total 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. Any interest in each sub-account shall be added to and become a part of that sub-account of the fund.
The treasurer of the town shall be the custodian of the fund and may deposit proceeds in national banks, trust companies, savings banks, banking companies or cooperative banks, or invest them in term deposits and securities that 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. Monies in the sub-accounts may be appropriated at an annual or a special town meeting by 2/3 vote.
Monies in the sub-accounts are to be used for the purpose of each sub-account and may be appropriated for any purpose for which the town would be authorized to borrow money under sections 7 or 8 of chapter 44 of the General Laws, other than clause (1) and (2) of said section 8 of said chapter 44 and to pay the debt services on the projects.
If the monies in any sub-account are determined not to be required, or in any town financial emergency, or in case of any change in priority of any project, the town may at an annual or special town meeting take funds from any sub-account by 2/3 vote and return them to the General Fund or place them into any other sub-account of the Capital Fund.
The finance committee and capital improvements committee or similar committee shall operate in an advisory capacity to town meeting and consider matters relating to appropriations from the fund, and may, but are not required to make recommendations to the town to any board, committee or official of the town, relative to such matters, and establish policies relative to the funding of capital projects of the town, and set priorities and schedules for such capital projects and failing action by the finance and capital improvement committees, the board of selectmen will act to fulfill said functions.