AN ACT ESTABLISHING A SPECIAL FUND IN THE TOWN OF WESTBOROUGH
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 and sections 53 and 53E½ of chapter 44 of the General Laws or any other general or special law to the contrary, there shall be in the town of Westborough a Capital Improvements Fund. The fund shall be credited, without further appropriation, with tax revenues received in connection with the property commonly referred to as the state hospital property and shown as parcel 1F on assessors’ map 38 which shall include, but not be limited to, property, personal and excise taxes, and which revenues shall be referred to as state hospital property tax revenues.
SECTION 2. Annually, not later than March 15, the board of assessors of the town of Westborough shall estimate the annual state hospital property tax revenues to be collected in the upcoming fiscal year and report that amount to the board of selectmen. Before the annual town meeting each year, the town treasurer shall allocate to the Capital Improvements Fund, without further appropriation, estimated state hospital property tax revenues.
SECTION 3. Amounts in the Capital Improvements Fund shall be expended only for capital projects or purposes for which the town may borrow pursuant to sections 7 and 8 of chapter 44 of the General Laws, which capital projects or purposes are estimated to cost $10,000 or more and are not properly categorized as annual operating expenses and for the payment of debt service on capital projects or purposes meeting the standards set forth in this section, whether such projects or purposes were approved prior to or after the effective date of this act. An annual report, which shall include projects undertaken, expenditures made and income received by the fund, shall be submitted to the board of selectmen of the town of Westborough not later than December 31 and the board of selectmen shall vote on whether to accept the report.
SECTION 4. This act shall apply to estimated state hospital property revenues to be collected in fiscal year 2019 and thereafter.
SECTION 5. This act shall take effect upon its passage.
Approved, April 12, 2018