AN ACT ESTABLISHING A CAPITAL INVESTMENT FUND IN THE TOWN OF STERLING.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of any general or special
law to the contrary, the town of Sterling is hereby authorized to establish
and maintain a special fund to be known as the Capital Investment Fund.
Said town may appropriate to said fund by a majority vote of an annual or
special town meeting in any year an amount not to exceed 10 per cent of the
amount raised on the preceding year by taxation of real estate and tangible
personal property. The aggregate amount of the Capital Investment Fund at any
one time shall not exceed 10 per cent of the equalized valuation of the town
of Sterling as defined in section 1 of chapter 44 of the General Laws. Any
interest shall be added to and become part of the fund.
The treasurer of said town shall be the custodian of the fund and may deposit
the proceeds in national banks or invest the proceeds by deposit in savings
banks, co-operative banks or trust companies organized under the laws of the
commonwealth or invest the same in such securities as are legal for the
investment of savings banks under the laws of the commonwealth or in federal
savings and loan associations situated in the commonwealth. These funds shall
be protected by an insured investment vehicle.
The Capital Investment Fund may be appropriated at any annual town meeting or
a special meeting by a two-thirds vote. Said
fund may be appropriated for any purpose for which said town would be
authorized to borrow money under section 7 or 8 of chapter 44 of the
General Laws, and to pay the debt service on any project, including but not
limited to, the payment of capital improvement assessments by regional school
districts. Any proposal for appropriation from said fund shall be submitted to
the capital budget committee established under section 2 for their review at
least one month prior to the town meeting at which such appropriation is to be
considered. The committee may make its recommendation at said town meeting.
There shall be a capital budget committee of the town of
Sterling consisting of seven voters of said town four of whom shall be
members of the finance committee of said town. Said committee shall choose its
own officers, set its own rules and shall serve without pay except the clerk
who may receive reasonable compensation for his services. The clerk of said
committee may or may not be a member of the committee.
Said committee shall be appointed jointly by the moderator, board of
selectmen and finance committee, each entity having one vote. When the
committee is first established, the terms of the members shall be for one, two
and three years and so arranged that the terms of approximately one-third of
the members shall expire each year and their successors shall be appointed for
terms of three years. Said committee shall meet at the call of the moderator
of said town or its chairman and shall choose its chairman and clerk. Jointly
the moderator, board of selectmen and finance committee each having only one
vote shall forthwith fill any vacancy and said appointee shall serve for the
unexpired term of office.
Said committee shall consider matters relating to appropriations from the
Capital Investment Fund and may but shall not be required to make
recommendation to the town of Sterling or to any board, committee or official
thereof, relative to such matters and establish policies relative to the
funding of capital projects of the town and set priorities and schedules for
such capital projects.