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. (a) Notwithstanding section 53 of chapter 44 of the General Laws, or any other general or special law to the contrary, the town of Raynham may establish in the town treasury a Raynham Development Revolving Fund, into which shall be deposited certain receipts which comprise the total amounts requested through written agreements between the town and the owners, developers or parties, hereinafter referred to as the “donors”, relative to tax incentive agreements as negotiated and approved by the economic assistance coordinating council, as outlined in specific tax increment finance agreements under the economic development incentive program, in accordance with sections 3A to 3H, inclusive, of chapter 23A of the General Laws, section 59 of chapter 40 of the General Laws and section 5 of chapter 59 of the General Laws, and 751 CMR 11.00 and 402 CMR 2.00 regulated by the department of revenue.
(b) The Raynham Development Revolving Fund, shall be established to reinvest contributions by the donors receiving tax incentives through the town’s and the commonwealth’s economic development incentive program as negotiated within tax increment finance agreements. The annual contributions by the donors shall be deposited into the fund, for future reinvestment into the community for economic development purposes without further appropriation.
(c) There is hereby established a 7 member town of Raynham board of overseers, comprised of the chairman of the capital planning committee or designee, chairman of the tax increment financing committee or designee, chairman of the planning board or designee, chairman of the board of selectmen or designee, chairman of the business and economic development committee or designee, 1 citizen appointed annually by the board of selectmen, chairman of the finance committee or designee and the town planner as an ex-officio non-voting member. The board of overseers, acting as the exclusive authority of the town for economic development expenditure purposes, shall be the designated body to make specific expenditures of the fund proceeds for town economic development purposes. A majority vote of the board of overseers shall be required to approve expenditures without further appropriation. The board of overseers shall conduct its business in accordance with section 23B of chapter 39 of the General Laws. Each year the board of overseers shall provide an annual report to the town on expenditures from the fund.
(d) The proceeds of the fund, shall be approved only for the following purposes:
(1) for feasibility studies, economic data gathering and payment of consultants to compile reports relative to economic development activities that will foster increased tax revenues to the town and create quality employment opportunities for its residents;
(2) for the general operations of the board of overseers including, but not limited to, purchasing of literature, software, office supplies, computers or other products to assist the economic development efforts of the town;
(3) for marketing and promoting the town for economic development purposes for new businesses and for economic development activities related to business retention and expansion; and
(4) for matching grants or funding of the construction, installation or improvements for infrastructure-related to development projects whether past, present or future that will leverage future developments resulting in quality employment opportunities and increased tax revenues.
SECTION 2. This act shall take effect upon its passage.
Approved, June 30, 2010.