AN ACT AUTHORIZING THE TOWN OF STOUGHTON TO ESTABLISH A MASSACHUSETTS WATER RESOURCES AUTHORITY CAPITAL INFRASTRUCTURE FUND.
Whereas, The deferred operation of this act would tend to defeat its purpose, which is forthwith to authorize certain land transactions in the town of Bridgewater, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
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 Stoughton may establish and maintain in the town treasury a special fund to be known as the Massachusetts Water Resources Authority Capital Infrastructure Fund into which shall be deposited all receipts from those entities that maintain a tax increment financing agreement with the town which specifies that the entity will contribute all or part of its exempt property tax to this fund. The board of selectmen, as water commissioners, may, without further appropriation, annually transfer from this fund to the Water Enterprise Fund an amount to defray the cost of debt service in the Water Enterprise Fund associated with entry into the Massachusetts Water Resources Authority distribution system. This annual transfer shall be limited to the lesser of (1) the budgeted annual principal and interest on borrowings associated with construction costs incurred to tie into the distribution system plus the budgeted annual entrance fee installment payment, or (2) the available balance in the fund. When debt service and entrance fee payments related to the Massachusetts Water Resources Authority have been settled, any remaining balance shall revert to the General Fund and the Massachusetts Water Resources Authority Capital Infrastructure Fund will be extinguished.
SECTION 2. This act shall take effect as of July l, 2005.