Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws, or any other provisions of law to the contrary, the town of Middleborough is hereby authorized to establish a special account to be known as the "Council on Aging Trust Fund" into which account shall be deposited all receipts, revenues and funds received from any source by the council on aging and the council on aging department of said town. Donations from private sources also may be received and placed into said account, as well as monies from other sources authorized by law.
SECTION 2. Said account shall be maintained by the town treasurer of said town. Said treasurer may invest the monies in said account in the manner authorized by sections fifty-five and fifty-five A of said chapter forty-four. The interest accruing on said account shall inure solely to the benefit of said account. Said account shall be audited by an independent certified public accountant and said audit report shall be submitted to the director of the bureau of accounts.
SECTION 3. The town treasurer shall assure that sufficient money is available at all times to meet current liabilities. The council on aging and the council on aging department in said town shall annually furnish said treasurer a schedule of anticipated expenditures on a monthly basis.
SECTION 4. The funds and interest of said account shall be expended only for capital expenditures and budget appropriations for the council on aging and the council on aging department in said town and only by a majority vote at a town meeting. Any monies so appropriated and not expended shall revert to said account.