AN ACT AUTHORIZING THE TOWN OF WINCHESTER TO ESTABLISH STABILIZATION FUNDS.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding any general or special law or rule or
regulation to the contrary, the town of Winchester may
establish stabilization funds for specific purposes that it considers
including capital. Subject to section 2 of this act, appropriations to and
from the funds may be made at any
town meeting by a 2/3 vote. Expenditures from the funds shall be restricted
to the specific purpose for which the fund was established and may include
debt service for any such appropriations financed through borrowing. If the
debt service for any school construction project is financed from any such
stabilization fund, then an amount equivalent to the state reimbursement for
such project shall be appropriated into the fund.
If, pursuant to paragraph (g) of
section 21C of chapter 59
of the General Laws, the voters of the town of Winchester approve an
appropriation into the stabilization funds, the town meeting may annually
such amount into the stabilization funds unless the voters, by referendum vote,
by majority vote the appropriation of such funds for another stated purpose.
This act shall take effect upon its passage.