AN ACT RELATIVE TO ESTABLISHMENT OF A CAPITAL IMPROVEMENT TRUST FUND IN THE TOWN OF STONEHAM.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
(a) Notwithstanding any general or special law to the contrary, the town of Stoneham may establish and maintain a special account known as the Capital Improvement Trust Fund.
(b) The town may appropriate to the fund by 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.
(c) Monies in the fund may be appropriated by a two-thirds vote of the town at an annual or special town meeting for a capital purchase only.
(d) For purposes of this act, “capital purchase” shall mean the purchase of an item with a cost of at least $10,000 and a life expectancy of 3 or more years.
(e) I nterest earned on the fund shall be added to and become part of the fund.