AN ACT ESTABLISHING A BUILDING MAINTENANCE FUND IN THE TOWN OF NORTHBRIDGE.
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 Northbridge may establish a Building Maintenance Fund for the purpose of safekeeping and investment of the proceeds received by the town pursuant to agreements for payment in lieu of taxes for alternative energy facilities situated in the town, including solar and wind energy facilities.
SECTION 2. The town shall deposit with the town treasurer all monies received by the town from agreements for payment in lieu of taxes. The monies shall be held in the Building Maintenance Fund and any interest accrued shall be credited to and become part of the fund and may be expended in accordance with this act.
SECTION 3. The town treasurer shall be the custodian of the fund and may: (i) deposit the monies in national banks; (ii) invest the monies by deposit in savings banks, cooperative banks or trust companies organized under the laws of the commonwealth; (iii) invest the monies in securities that are legal for the investment of funds of savings banks under the laws of the commonwealth; or (iv) invest the monies in federal savings and loan associations situated in the commonwealth.
SECTION 4. Monies contained in the fund may be appropriated at an annual or special town meeting. Monies in the fund may be appropriated for any purpose related to the maintenance of town-owned buildings and facilities.
SECTION 5. The town manager shall oversee expenditures from the fund and may make recommendations to the board of selectmen or to any town board or committee regarding the use of monies in the fund. The town manager may establish policies for expenditures from the fund, including priorities and schedules for such expenditures.
SECTION 6. This act shall take effect upon its passage.