AN ACT AUTHORIZING THE TOWN OF ROCKLAND TO ESTABLISH A SCHOOL BUILDING CAPITAL TRUST 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 Rockland may establish and maintain a special account to be known as the School Building Capital Trust Fund and may raise and appropriate money therefor. The fund shall be used only toward the design, engineering, land purchase, construction and any other costs associated with the construction or rehabilitation of Rockland public schools. The proceeds of all sales of lands and buildings by the Rockland public schools shall be placed into the School Building Capital Trust Fund.
The town of Rockland may appropriate by majority vote at an annual or a special town meeting any principal and interest within the fund for a capital purchase or principal debt payment for any capital purchase associated with the construction or rehabilitation of Rockland public schools. Capital purchase shall mean the purchase of any item with a cost of at least $50,000 and a life expectancy of at least 5 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 School Building Capital Trust Fund.
SECTION 2. This act shall take effect upon its passage.