AN ACT ESTABLISHING AN ENTERPRISE FUND FOR THE BROOK SCHOOL APARTMENT IN THE TOWN OF WESTON.
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. There is hereby established in the town of Weston a Brook School Apartments Enterprise Fund, to which section 53F½ of chapter 44 of the General Laws shall apply, except as provided herein, for the receipt of all revenues from the operation of the Brook School Apartments. Such receipts shall be used to pay costs of operation and maintenance, future repairs, renovations and improvements to the Brook School Apartments, principal and interest on any bonds or notes issued therefor and indirect costs as determined by the town. The Weston elderly housing committee shall be the appropriate local entity for purposes of estimating the income and proposing a line-item budget for the enterprise. This budget may include amounts to be appropriated to a capital reserve fund to be established within the enterprise fund which may be expended for capital purposes of the enterprise, including the costs of extraordinary repairs, reconstruction and additions to the Brook School Apartments. Funds appropriated to the capital reserve fund may accumulate from year to year, subject to appropriation by the town. Any funds remaining in the enterprise fund at the end of each fiscal year in excess of the amounts required to meet the obligations of the fund, other than amounts in the capital reserve fund, shall remain in the enterprise fund to be used for the purposes provided therefor in this act.
SECTION 2. This act shall take effect upon its passage.