AN ACT ESTABLISHING A GAMING REVENUE STABILIZATION FUND IN THE TOWN OF PLAINVILLE
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 5B of chapter 40 or section 53 of chapter 44 of the General Laws or any other general or special law to the contrary, there shall be in the town of Plainville a Gaming Revenue Stabilization Fund. The fund shall be credited, without further appropriation, all host community payments received by the town, pursuant to section 2.4 of the July 8, 2013 Host Community Agreement By and Between the Town of Plainville, Massachusetts and Ourway Realty, LLC, as such agreement may be amended from time to time, and monies appropriated or transferred to the fund by a 2/3 vote at an annual or special town meeting. Any interest accrued shall be credited to and become part of the fund.
SECTION 2. The Gaming Revenue Stabilization Fund established under section 1 may be appropriated by a 2/3 vote at an annual or special town meeting only for capital projects except as provided under section 3. “Capital project” shall mean the acquisition of interests in land, the acquisition of tangible assets or the undertaking of assets or projects that shall have a useful life of at least 5 years and a cost of $50,000 and which are not properly categorized as annual operating expenses; provided, however, that “capital project” shall include the payment of debt service on such projects, whether such projects were approved prior to or after the effective date of this act, and major departmental capital equipment, even if acquired on an annual basis that meets the useful life and cost requirements of this section.
SECTION 3. Upon the recommendation of both the board of selectmen and the finance committee for the town of Plainville, monies in the fund, up to 2.5 per cent of the amount raised by taxation by the town in the most recent fiscal year for which a tax rate has been certified pursuant to section 23 of chapter 59 of the General Laws, may be appropriated for non-capital project purposes by a 4/5 vote at an annual town meeting or a 9/10 vote at a special town meeting.
SECTION 4. This act shall take effect upon its passage.
Approved, January 7, 2015.