AN ACT ESTABLISHING A COMMUNITY ENHANCEMENT FEE STABILIZATION FUND IN THE CITY OF EVERETT.
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 of the General Laws 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 city of Everett a Community Enhancement Fee Stabilization Fund. The fund shall be credited, without further appropriation, all payments made pursuant to section 1(A)(2) of the Host Community Agreement By and Between the City of Everett, Massachusetts and Wynn MA, LLC, and monies appropriated or transferred to the fund by a 2/3 vote of the city council of the city of Everett. Any interest accrued shall be credited to and become part of the fund.
SECTION 2. The Community Enhancement Fee Stabilization Fund established by section 1 may be appropriated by a 2/3 vote of the city council of the city of Everett for the purposes contained in section 1 (A)(2) of the Host Community Agreement By and Between the City of Everett, Massachusetts and Wynn MA, LLC and other capital projects to be identified by the city of Everett including, but not limited to, the acquisition of interests in land, the acquisition of tangible assets or the undertaking of assets or projects that have a useful life of not less than 5 years and a cost of not less than $50,000 and which are not categorized as annual operating expenses; provided, however, that the term "capital project" shall include the payment of debt service on such projects, whether those projects were approved before or after the effective date of this act, and major departmental capital equipment, even if acquired on a regular basis that meets the useful life requirement of this section.
SECTION 3. Upon the request of the mayor of the city of Everett, monies in the fund, up to 2.5 per cent of the amount raised by taxation by the city in the most recent fiscal year for which the 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 2/3 vote of the city council of the city of Everett.
SECTION 4. This act shall take effect upon its passage.
Approved, April 20, 2016.