AN ACT AUTHORIZING THE TOWN OF ASHLAND TO ESTABLISH AN ENTERPRISE 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. There is hereby established in the town of Ashland, an Athletic Field Enterprise Fund to which section 53F½ of chapter 44 of the General Laws shall apply, except as otherwise provided herein. The enterprise fund shall be comprised of all revenues received by the school department of the town of Ashland or said town from the rental of athletic fields located on park, public school and other public land, hereinafter referred to as the fields, located in the town of Ashland, which may be designated from time to time by the board of selectmen of the town. The revenues in the enterprise fund and any interest earned thereon shall be used to pay: (1) costs of operation and maintenance of the fields; (2) costs of future maintenance, repairs, extensions, reconstruction, enlargements, additions and improvements to the fields, under the joint direction of the board of selectmen and school committee of the town as appropriated by the town; and (3) the principal and interest on any bonds or notes issued and authorized in accordance with the requirements of said chapter 44. The school committee of the town shall determine the user or rental fees for town public school athletic fields. The board of selectmen shall determine the user or rental fees for all other town fields. Interest generated by the enterprise fund shall be credited to and become part of the enterprise fund, and revenues received into the enterprise fund may accumulate from year to year, subject to appropriation by the town for the benefit of the fields. SECTION 2. This act shall take effect upon its passage.