AN ACT AUTHORIZING THE TOWN OF ASHBY TO ESTABLISH A CAPITAL RESERVE ACCOUNT.
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. The town of Ashby may establish and maintain a special account to be known as the Capital Reserve Account and may raise and appropriate money for it. The town treasurer shall maintain the account as a separate account. The treasurer may invest funds in the account in the manner authorized by sections 55 and 55B of chapter 44 of the General Laws and any interest earned on the account shall be credited to and become part of the account. The town may appropriate by a 2/3 vote at any special or annual town meeting such sums as may be available in the account for any capital purchase or capital expenditure of the town.
SECTION 2. This act shall effect take upon its passage.