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The 191st General Court of the Commonwealth of Massachusetts

AN ACT AUTHORIZING THE TOWN OF SHREWSBURY TO ESTABLISH A SPECIAL FUND

     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 Shrewsbury may establish a special fund in the town treasury into which shall be deposited all income derived from investment of the proceeds of bonds and notes issued for the Shrewsbury library construction project, including work incidental and related thereto, and for services of architects and other professional consultants to prepare detailed plans, specifications and working drawings and other necessary documents for the Shrewsbury library project, which further includes:
     (1)  construction, reconstruction, equipping and furnishing of the library;
     (2)  related services of architects, project managers and other professional consultants; and
     (3)  expenses of the library building committee.
     Any income derived from the investment or reinvestment of the special fund shall remain with and become part of the special fund. The town treasurer shall be the custodian of the special fund and shall make an accounting of the special fund to each annual town meeting. Any funds held in the special fund shall constitute trust funds within the meaning of section 54 of chapter 44 of the General Laws. All amounts in the special fund shall be applied solely to the payment of debt service associated with the Shrewsbury library building project for which bonds or notes have been authorized or both authorized and issued, in such amount as any special or annual town meeting may determine in any given year.
      SECTION 2.  This act shall take effect upon its passage.

Approved, September 11, 2014.