AN ACT RELATIVE TO THE ESTABLISHMENT OF A COUNTY STABILIZATION 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 28B of chapter 35 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by adding the following subsection:-
(j) To create and maintain a County Stabilization Fund the advisory board may appropriate in any year an amount as may be approved by a 2/3 vote of the advisory board. Any interest shall be added to and become part of the fund.
The treasurer shall be custodian of the fund and may deposit the proceeds in national banks or invest the proceeds by deposit in savings banks, cooperative banks or in participation units in a combined investment fund under section 38A of chapter 29, or invest the proceeds in those securities as are legal for the investment of funds of savings banks under chapter 168 or in federal savings and loans associations situated in the commonwealth.
The County Stabilization Fund may be appropriated for any purpose by the county commissioners with the approval of a 2/3 vote of the advisory board.
Approved, July 14, 2016.