AN ACT RELATIVE TO CERTAIN FUNDS OF THE TOWN OF CHARLTON.
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. Chapter 323 of the acts of 1998 is hereby amended by striking out section 4 and inserting place thereof the following section:-
Section 4. All amounts paid annually by Millennium Power Partners, L.P. or its successors or assigns in lieu of taxes as authorized by chapter 462 of the acts of 1996 shall be allocated as follows:
The members of the board of selectmen, board of assessors and the town treasurer shall, annually, acting jointly, by a majority vote, specify the amounts to be deposited in the following funds: (a) 50 per cent to the town's General Fund, (b) no more than 40 per cent in the town's Debt Service Reserve Fund, (c) no more than 10 per cent in the town's Stabilization Fund; provided, however, that such deposit shall not cause the amount of the fund to exceed the limit established under section 5B of chapter 40 of the General Laws, and (d) any remaining funds shall be deposited in the Charlton Capital Expenditures Fund.
SECTION 2. This act shall take effect upon its passage.