AN ACT AUTHORIZING THE TOWN OF STONEHAM TO CREATE A SPECIAL FUND FOR RAILROAD RIGHT OF WAY PROCEEDS
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 section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, the town of Stoneham may establish a special fund for the deposit of any proceeds collected from the leasing or licensing, including use and occupancy agreements, of the railroad right-of-way land of the former Stoneham Branch of the Massachusetts Bay Transportation Authority Lowell Line, Boston and Maine Railroad, running from Recreation park in the town of Stoneham to the Woburn town line subsequent to July 1, 2013. Interests earned on this fund shall be treated as general fund revenue of the town. Any balance remaining at the end of a fiscal year shall carry over to the next fiscal year and thereafter if not then expended for the purposes set out herein.
Proceeds from the special fund shall be used at the determination of the town administrator, in consultation with the Bike and Greenway Committee or its successor, without further appropriation, for capital improvements to, or maintenance or repair of, the multi-use trail or linear park to be constructed on the railroad right-of-way property. Expenditures shall not be made or liabilities incurred from any such fund in excess of the balance of the fund.
SECTION 2. This act shall take effect upon its passage.
Approved, May 15, 2014.