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 Phillipston may establish and maintain a fund to be known as the Capital Investment Fund, which shall be kept separate and apart from all other accounts of the town.
SECTION 2. The town treasurer shall be the custodian of the Capital Investment Fund and may invest amounts in the fund in accordance with sections 54 and 55 of chapter 44 of the General Laws. The custodian may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks and trust companies organized under the laws of the commonwealth, or invest the proceeds 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. These funds shall be protected by an insured investment vehicle. Any earnings, income and interest therefrom shall be credited to the fund.
SECTION 3. The Capital Investment Fund may be appropriated at an annual town meeting or a special town meeting by a 2/3 vote. The fund may be appropriated for capital projects, equipment acquisition and improvements involving major nonrecurring tangible assets and projects, the construction of municipal buildings and acquisition of land or property which: (i) are purchased or undertaken at intervals of not less than 5 years; (ii) have a useful life of at least 5 years; and (iii) cost over $25,000. This section shall not apply to citizen petitions placed on the warrant.
SECTION 4. The board of selectmen shall establish and appoint a committee to be known as the capital improvement planning committee under the authority set forth in section 106B of chapter 41 of the General Laws, which shall be comprised of 1 member of the board of selectmen, 1 member of the planning board, 1 member of the finance committee, and also, 2 residents of the town, to be appointed by the board of selectmen, who are not members of the board of selectmen, for a total of 5 voting members. These 2 resident members shall serve 3 year terms except for the original appointments when 1 shall serve 2 years and 1 shall serve 3 years. The committee shall choose its own officers. The members shall be appointed annually, except for the 2 resident town members each to commence July 1. The committee members shall receive no pay for their service.
SECTION 5. All officers, boards and committees, including the selectmen and the school committee, shall by January 15 of each year, provide the capital improvement planning committee, on forms prepared by it, information concerning all anticipated projects subject to review by the capital improvement planning committee and requiring town meeting action during the ensuing 6 years. The capital improvement planning committee shall consider the relative need, impact, timing, and cost of these expenditures and the effect each will have on the financial position of the town.
SECTION 6. The capital improvement planning committee annually shall prepare a report of its recommendations which shall comprise the capital improvement budget for the next fiscal year. The report shall be submitted to the board of selectmen and the town meeting.
SECTION 7. The capital improvement planning committee shall prepare a capital improvement program, including recommended capital improvement, for the next following 5 fiscal years. The capital improvement program shall be submitted to the board of selectmen and the town meeting.
SECTION 8. This act shall take effect upon its passage.