AN ACT AUTHORIZING THE TOWN OF UXBRIDGE TO ESTABLISH A CAPITAL IMPROVEMENT 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 Uxbridge may establish and maintain a special account known as the
Capital Improvement Trust Fund, and may raise and appropriate money therefor.
SECTION 2. The town of Uxbridge may appropriate to the fund by
majority vote at an annual or special town meeting in any year any amount not to
exceed 10 per cent of the amount raised in the preceding year by taxation of
real estate and tangible personal property. The aggregate amount of the fund at
any time shall not exceed 10 per cent of the equalized valuation of said town as
defined in section 1 of
chapter 44 of the General Laws.
SECTION 3. The fund shall be maintained by the town of Uxbridge 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 55 and 55A of chapter 44 of
the General Laws. Any interest earned on the fund shall be credited to and
become part of such separate account.
SECTION 4. The town of Uxbridge may appropriate by 2/3 vote at any
annual or special town meeting any principal and interest within the fund for
any capital purchase or debt payment for any capital purchase. Capital purchase
is defined as any item with a life expectancy of more than 5 years and valued at
$50,000 or more.
SECTION 5. There shall be a capital planning committee of the town of
Uxbridge consisting of 8 members. The committee shall be appointed by the board
of selectmen. The committee shall be comprised of the following: 2 members of
the board of selectmen, 2 members of the finance committee, 1 member of the
school committee, 1 member of the department of public works commissioners, town
accountant, and town treasurer/collector. Hereinafter the town may change the
composition of the committee by majority vote at any annual or special town
SECTION 6. The capital planning committee of the town of Uxbridge
shall consider matters relating to appropriations from the Capital Improvement
Trust Fund and may, but shall not be required to, make recommendations to the
town of Uxbridge or to any board, committee, or official thereof, 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.
SECTION 7. This act shall take effect upon its passage.