AN ACT AUTHORIZING THE TOWN OF LYNNFIELD TO ESTABLISH A CAPITAL FACILITIES MAINTENANCE FUND.
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 Lynnfield may establish and maintain a special account known as the Capital Facilities Maintenance Fund, and may raise and appropriate money therefore.
The town may appropriate to the fund by majority vote at an annual or special town meeting in any year.
Appropriations made by the town into the fund in any fiscal year shall not exceed 10 per cent of the amount raised in the preceding year by taxation of real estate and tangible personal property and 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 fund shall be maintained by the town as a separate account. The treasurer of the town shall be the custodian of the fund and may invest the funds in such separate account in the manner authorized by sections 54 and 55 of chapter 44 of the General Laws. Interest earned on the fund shall be credited to and become a part of the separate account.
The town may appropriate by a 2/3 vote at any annual or special town meeting any principal or interest of the fund for the maintenance, repair or improvement of the capital facilities of the town or for any other lawful purpose.
SECTION 2. This act shall take effect upon its passage.