AN ACT AUTHORIZING THE TOWN OF ABINGTON TO ESTABLISH A CAPITAL IMPROVEMENT TRUST FUND.
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 to the
contrary, the town of Abington may establish and maintain a special account
known as the Capital Improvement Trust Fund and may raise and appropriate money
The town of Abington may appropriate to the fund by
majority vote at an annual or special town meeting in any year an amount not to
exceed 10 per cent of the amount raised in the preceding year by taxation of
real estate and tangible personal property. Appropriations under this section
shall not increase the aggregate amount of the fund to an amount exceeding
10 per cent of the equalized valuation of the town as defined in section 1 of chapter 44 of the General Laws.
In addition to any amounts appropriated under section 2
of this act, the town of Abington may, by a by-law enacted by a 2/3 majority
vote at an annual or special town meeting, direct that an amount not exceeding
10 per cent of the town's free cash as certified by the department of revenue
in any given fiscal year and an amount not exceeding 10 per cent of any new
growth in tax revenue as certified by the bureau of local assessment in any
given fiscal year, be deposited in the Capital Improvement Trust Fund.
The town of Abington may appropriate by majority vote at
any annual or special town meeting any principal and interest within the fund
for any capital purchase or principal debt payment for any capital purchase.
Capital purchase shall mean the purchase of any item with a cost of at least
$10,000 and a life expectancy of 3 or more years.
If the town department or committee responsible for
oversight of a capital purchase determines that the purchase is complete, any
remaining balance appropriated for that purchase shall remain in the Capital
Improvement Trust Fund.
This act shall take effect upon its passage.